Recent Streetsblog NYC posts about NYC Industrial Development Agency

Anybody Interested in Tearing Down a Couple of Yankee Stadium Garages?

By Brad Aaron | Jul 12, 2013 | 11 Comments

Another attempt to salvage something positive from the Yankee Stadium parking boondoggle is underway. The company that operates the garages, having defaulted on hundreds of millions in triple-tax exempt bonds, has issued a request for proposals for the sublease and redevelopment of two lots. Even back in 2007 and 2008, when the NYC Economic Development Corporation […]

For Bloomberg, No Lessons Learned From Yankee Parking Subsidies

By Brad Aaron | Oct 18, 2012 | 9 Comments

If Mayor Bloomberg regrets his administration’s involvement in the Yankee Stadium parking disaster, he’s not letting on. The Bronx Parking Development Company has finally defaulted on $237 million in triple-tax exempt bonds used to finance parking garages for the new stadium, and bondholders are looking for a way to recoup their losses. “There just wasn’t […]

Yankee Stadium Parking Garages “Almost Certainly” Coming Down

By Brad Aaron | Aug 30, 2012 | 6 Comments

How long now before the Yankee Stadium parking fiasco becomes an unpleasant memory? In a brief Crain’s item published last Friday (hat tip to Tri-State), Marlene Cintron, president of the Bronx Overall Economic Development Corporation, said that occupancy rates at the taxpayer-financed stadium garages are down from last year, and now stand below 50 percent. […]

The House That EDC Built: A 9,000-Car Complex With 8,930 Empty Spaces

By Brad Aaron | Feb 3, 2012 | 9 Comments

In case you’re just tuning in, all that taxpayer-subsidized parking built for the new Yankee Stadium has failed beyond anyone’s wildest expectations. In today’s Daily News, Juan Gonzalez reports that Bronx Parking Development Company LLC is expected to default this year on the $200+ million in triple-tax-exempt bonds issued by the New York City Industrial […]

Replacement For Yankee Stadium Parking Will Still Have to Pay The Bills

By Noah Kazis | Mar 17, 2011 | 16 Comments

As the operator of the taxpayer-financed Yankee Stadium parking garages heads toward default, there’s no longer any question that providing so much parking in such a transit-rich location was a mistake on the scale of Carl Pavano’s contract. The decision to give up $2.5 million in city taxes and $5 million in state revenue has […]

NYCEDC’s Yankee Stadium Parking Debacle: Who Woulda Thought?

By Brad Aaron | Mar 15, 2011 | 20 Comments

In news that should surprise no one, the taxpayer-financed Yankee Stadium parking garages have been declared an unmitigated disaster. Anyone could have seen the deal was a loser from the start — that a sports stadium served by subways, buses and a new commuter rail station, a stadium that would have fewer seats for fans, […]

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