|Photo from Daily News
The last-place New York Yankees aren’t the only struggling enterprise in the Bronx. Documents show the net loss on the municipal-bond financed parking garages outside Yankee Stadium widened last year to $31.2 million.
Bronx Parking Development Co. issued $237.6 million of municipal bonds in 2007 through New York City’s Industrial Development Agency to build three garages and renovate two others.
The garages and five parking lots, which have about 8,700 public spaces, have suffered as more fans take public transportation to the Major League Baseball games and drivers balk at paying $25 to $35 to park. In June 2015 fewer than 10% of fans attending Yankees games parked in the garages, according to bond filings.