![]() ![]() Since the Yankees are part owners of NYCFC – a franchise with Major League Soccer – with the Abu Dhabi royal family, Levine cobbled together a proposal to finance the soccer stadium with private money on spaces now occupied by the Yankees parking. Management of the Yankees led by Levine, came up with a possible solution in 2018. The parking bonds have been in default for years and trade at distressed levels. Many fans now take nearby suburban trains and city subways to travel to Yankee Stadium. Starting in 2007, the company issued more than $200 million in debt to construct garages and make other renovations to maintain “first-class” parking facilities for Yankee fans.īut the garages have fallen into disrepair and are anything but first-class these days. Under a deal with the city, the Yankees are guaranteed 9,127 spaces by a non-profit that runs the garages, Bronx Parking Development Corp., documents show. ![]() The controversy surrounding parking for the Yankees has been a long-running problem that began with the construction of the new Yankee Stadium in 2006. ![]() Both are locked in a tight race and votes are still being counted. 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. The blowup of the agreement could have significant political repercussions for the next mayor of New York City, who will need to make economic redevelopment a top priority following the COVID-19 pandemic that saw businesses close amid strict city-wide lockdowns.īill de Blasio, the current mayor, is leaving office next year under mandated term limits. MLB OPENING DAY: GEORGE STEINBRENNER IV TALKS YANKEES BUSINESS EXPECTATIONS AMID COVID In a statement, EDC President Rachel Loeb said, “After years of negotiations with the New York Yankees and other parties, we are disappointed they will not commit to promises already made to the city and the community and attempted to change key terms of the deal only days before a community board vote.”Ī spokeswoman for Nuveen told Fox Business: “Nuveen remains committed to the transaction set forth in the term sheet and looks forward to a continued strong relationship with the Yankees and the City.” Levine added: “The deal broke down over the bondholders and the city refusing to do what they agreed to do in the bond offerings and in the terms sheets.”Ī spokeswoman for New York City's EDC said it was the Yankees who were backing out of promises made to get the deal done. Yankees President Randy Levine: “The deal broke down over the bondholders and the city refusing to do what they agreed to do in the bond offerings and in the terms sheets.” (Photo by Jim McIsaac/Getty Images) “This would have gone a long way to salvaging the bonds plus we were going to spend a billion dollars in private money to revitalize this area that would produce thousands of good paying jobs.” “I’m very disappointed,” said Yankee President Randy Levine, a former prosecutor and top city official under former Mayor Rudy Giuliani who was the architect of the redevelopment proposal. That deal involved a guarantee of first-class parking for its fans even as the team agreed to reduce the city’s initial 9,000 plus parking space commitment.Ī term sheet providing details of the agreement between bondholders, the city’s Economic Development Corporation (EDC) and the Yankees were reviewed by FOX Business. For years, city officials and bondholders have said they were eager to find a solution to the Yankee parking imbroglio and until last week, all indications were that they had one.īut Yankee officials say the city and bondholders have reneged on a key piece of the deal that has put the entire project on hold indefinitely and possibly forever. ![]()
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