A dispute involving 5,000 parking spaces New York City and bondholders agreed to give the Yankees as part of the development project – a complex, multi-year effort to bring economic growth to the poor South Bronx neighborhood where Yankee Stadium calls home, has scuttled plans for a new soccer stadium
Bill de Blasio, the current mayor, is leaving office next year under mandated term limits. It’s expected that the winner of the recent Democratic primary either Brooklyn Borough President Eric Adams or former New York City Sanitation Commissioner Kathyrn Garcia, will become the next mayor in the heavily Democratic city. Both are locked in a tight race and votes are still being counted.
But the garages have fallen into disrepair and are anything but first-class these days. Many fans now take nearby suburban trains and city subways to travel to Yankee Stadium. The parking bonds have been in default for years and trade at distressed levels. The Yankees agreed to give up their rights to 9,127 spaces for something closer to 5,611 as long as the parking lot was maintained, the document shows. Bondholders' debt would be restructured as part of a new company. The $1 billion project was expected to create thousands of jobs for a neighborhood that routinely ranks as among the nation’s poorest.
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