Yankees Parking Garage
Monday, January 06, 2014
A proposed deal to bring a soccer stadium to the Bronx would bail out the bondholders of a set of failed parking garages and delay payments to the New York City until 2056, according to an analysis released by the Independent Budget Office. The controversial garages, which paved over a park, have already cost taxpayers millions.
Wednesday, October 17, 2012
By Jim O'Grady
(New York, NY - WNYC) With the company that owns the Yankee Stadium parking system staring down bankruptcy, Mayor Bloomberg called the situation "sad," and said his administration is "trying to help them."
Speaking during a press conference Q & A, the mayor addressed the issue of the stadium's foundering garages and lots, which have been only 42 percent full this season, according to this latest report.
"There just wasn't the business there that the owners, who made the investment, thought that there was going to be," the mayor said in answer to a question posed by a WNYC reporter. "If the owners of the parking garage can't make money, that's sad. We've got to find a way to help them."
The Bloomberg administration has already tried to help the company by having the city's Economic Development Corporation attempt to broker a deal with a real estate developer to build affordable housing and stores on some of the underused lots near an existing retail mall. But those talks have ended without a deal.
NYC EDC spokesman Kyle Sklerov wouldn't give specifics on the failed negotiations. Nor would he comment on an idea by Bronx Borough President Ruben Diaz Jr. to have the Bronx Parking Development Company build a hotel atop an empty garage. Sklerov would only say:“New options to develop the site will be considered moving forward as part of a larger effort by the BPDC board to get back on sound financial footing."
The scramble to find new revenue for the BPDC was set off by the company's long slide into default on $237 million in tax-free bonds. The NYC EDC acted as the conduit for those bonds, not the seller, so taxpayers aren't holding the debt.
Still, the default is a blow to the agency's reputation. Before the Yankees' new stadium was opened in 2009, Bronx residents and some civic groups tried to warn the city and the team that 9,000 parking spots spread across eleven lots and garages weren't needed. Their concerns went unheeded and the EDC facilitated the tax-free bonds that created a parking system sized to suit the Yankees' misguided desire.
The lots and garages have been underused--even during seasons, like this one, when the Yankees make the playoffs--and the BPDC is now in financial free fall.
Perhaps Mayor Bloomberg said it best when first asked at the press conference about the stadium parking: "Not everything works."
TN Moving Stories: Reauthorization Heats Up, Christie's Transpo Plan Vexes NJ Dems, and Today is Chrysler's "Payoff Day"
Monday, May 23, 2011
By Kate Hinds
As Congress takes up transportation reauthorization, advocates are pushing for more safety for cyclists and pedestrians -- particularly older ones. (NPR)
WNYC's Jim O'Grady will be on the Brian Lehrer Show this morning to talk about his reporting on the barely used -- yet city-subsidized -- Yankees parking garage. Tune in at (about) 10:05 am -- FM 93.9, AM 820, and streaming live on wnyc.org.
A Congressman Nadler opinion piece in Politico about infrastructure funding calls on the federal government to "reverse the decline of their mass-transit systems."
NJ Governor Christie's transportation plan -- which borrows over $4 billion for roads, rails and bridges -- is vexing state Democrats. (AP via The Star-Ledger)
The US Attorney's office has opened an investigation into whether the lack of wheelchair-accessible taxicabs in New York City amounts to a violation of parts of the Americans With Disabilities Act. (NY Times)
Today is "payoff day" for Chrysler, as the automaker will wire the billions in loans that it owes to the governments of the US and Canada. (Detroit Free Press)
'Black boxes' may soon be mandatory for automobiles. (Wired/Autopia)
The NYC DOT will start studying Chinatown's parking this summer. (DNA Info)
Which country has the highest -- and lowest -- gas prices in the world? A Marketplace quiz reveals some surprises.
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In case you missed it on Transportation Nation:
-- a church on Long Island is giving away bicycles to undocumented immigrants (link)
-- the New York State Senate passed a bill that would require some trucks to have special safety mirrors (link)
-- Maryland's Purple Line faces safety challenges (link)
-- the census says people move for housing (link)