In January 2007, the city assessed land under the new Yankee Stadium at 10 times the market value of virtually all other land in the South Bronx neighborhood.
The assessment - not including the new ballpark - worked out to a fair market value of $275 per square foot. But a Daily News analysis of city property records shows that city assessors said land on a dozen blocks around the site was worth an average of less than $25 a square foot.
Yanks land deal ain't fair ball
Among the most astounding disparities:
- The site of a VIP parking garage that will be connected to the new stadium: $20 a square foot.
- Land under the old Yankee Stadium: $16 a square foot.
- Land under the giant Gateway Center mall, currently under construction a few blocks south of the stadium: $9 a square foot.
Lawmakers in Washington and Albany are investigating whether city officials inflated the new stadium's land value to make it possible for the Yankees to pay back nearly $1 billion in tax-free bonds for the project.
U.S. Rep. Dennis Kucinich (D-Ohio), head of a House subcommittee that oversees the IRS, will hold a hearing Thursday in Washington that is expected to focus on stadium finances.