From A Walk in the Park:
The Bloomberg and Pataki administrations allowed 25.3 acres of public parkland to be seized in the South Bronx in order to accommodate the building of a new stadium for the New York Yankees, including the building of thousands of additional parking spaces in the asthma capital of America. As predicted the Yankee organization's insistence of building more parking is turning into a nightmare for the city. The developer warned bondholders in an Aug. 18 letter that it currently has "insufficient funds" from operations to pay a $6.8 million interest bill due Oct. 1, and another $6.8 million due next April. Bronx Parking has failed for three years to pay its annual rent tab of $3.2 million to the city. It also has yet to pay any property taxes for the 21 acres of publicly owned land it is leasing to operate the parking system. The Bloomberg administration selected Bronx Parking in 2007 to build and run the garages after the Yankees demanded a minimum of 9,000 spaces to stay in the Bronx.
Adding insult to injury, Bronx Borough President Ruben Diaz Jr. is floating a plan to convert Parks Department managed parking lots into additional development instead of public parkland.