From Crains':The first pitch of the baseball season and the return of thousands of fans cannot come fast enough for most businesses around Yankee Stadium. But one company might prefer that April be postponed this year.
Bronx Parking Development Co., which runs the garages for the new stadium, faces an April 1 due date for a $6.8 million interest payment on bonds issued to fund construction of three facilities. The company had to dip into reserves to make a similar payment in October, and—barring a last-minute renegotiation—all signs point to a default this time.
A default could set up a seizure by bondholders and would leave the garages' future in question. The property, which covers some 21 acres, was part of parkland taken over to make way for the current incarnation of Yankee Stadium.
The potential irony has some in the community seething.
6 comments:
This is parking lot where the people who worked on revenue estimates forgot that there are only 81 home games and the possibility of 12 post-season games, and they have to pay interest on the bonds 365-days each year. It will go broke as many anticipated and one hopes that the new operator won't screw it up any worse than it is now.
Fuck the Yankees
Fuck the Mets
Fuck Bloomturd
I WANT MY MONEY BACK!!!
EDC:
Economically
Destroying the
City
"EDC messes up something else"
Ya think??!?????!???
"This is parking lot where the people who worked on revenue estimates forgot that there are only 81 home games and the possibility of 12 post-season games,"
They did not forget this fact, it was well known. What was not anticipated was that "Bronx Parking admitted that the facilities, which contain 9,000 parking spaces, were never more than 60% full on game day"
The sad part is that the interests of the bondholders who made a fundamentally flawed investment take precedence over the community who lost parkland to this deal.
THe roads leadining to both stadiums suck.Road surface,painted lineage and lighting on the Major Deegan,GCP and Van Wyck are about the worst i've seen..........
THe roads leadining to both stadiums suck.Road surface,painted lineage and lighting on the Major Deegan,GCP and Van Wyck are about the worst i've seen..........
The money is put where it's TRULY needed...into ballplayers' salaries. Get with the program! Play ball. NEXT!
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