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Photos: Yankee Parking Garages Face Financial Collapse Despite $100s of Millions in Public Subsidies
Friday, May 20, 2011 - 06:31 PM
When the New York Yankees sought approval for this new stadium five years ago, the team insisted on adding 2000 parking spots -- even though the new stadium was smaller than the old. As the New York City Council came under pressure from some neighborhood residents to reject the plan -- which meant destroying a local park, Mayor Michael Bloomberg's administration hastily added a proposed transit stop as a last-minute sweetener.
Now half the people who are going to see the Bronx Bombers are taking transit. And the stadium's parking garages are on the brink of defaulting on their financing even after $100s of millions in public subsidies to build them under the contentious plan that displaced the local high school baseball team.
To read and listen to the full story, head over to our original article.
Scroll down for some photos from Jim O'Grady's parking garage travels in Yankee land.
The All Hallows High School Varsity baseball has been without a home field since a Yankee parking garage went up in Macombs Dam Park five years ago. They ride a bus to all their games, even "home games," which they play on opponents' fields. Team members say that makes it nearly impossible for fellow students to come out and support the team. Here, they're pictured after beating Mount Saint Michael with a walk-off homer in the 10th inning.
This large Yankee Parking Garage was recently closed.
The Yankees promised their new garages would take motorists off neighborhood streets on game nights. But their garages recently hiked rates to $35 to stave off financial collapse, while small neighborhood garages charge less than half. And drivers still circle local streets, filling up every one if its 3200 curbside spots on game nights, often driving local residents to leave their cars at home and take car services to get to jobs so they won't lose their spots.
One of several underused Yankee Stadium parking garages built with $237 million in tax-free bonds issued by a New York City development agency.