Recent Streetsblog NYC posts about NYCEDC

NYC’s Top Parking Subsidizer, Seth Pinsky, Moves On

By Brad Aaron | Jul 16, 2013 | 3 Comments

Seth Pinsky, whose legacy as head of the New York City Economic Development Corporation will be years of parking-induced traffic in city neighborhoods, with taxpayers footing the bill, is headed to the private sector. The news came this morning, via announcements from City Hall and RXR Realty, which hired Pinsky. During Pinsky’s five-year tenure, NYCEDC incentivized […]

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 […]

How Many Parking Spots Will Developers Build at Transit-Rich EDC Site?

By Stephen Miller | May 6, 2013 | 9 Comments

Since being cleared for redevelopment in 1967, several city blocks at the base of the Williamsburg Bridge on the Lower East Side — known as the Seward Park Urban Renewal Area, or SPURA — have lain fallow. For decades, the largest undeveloped, city-owned land below 96th Street was used only for surface parking lots. After years of planning work, […]

At EDC’s S.I. Mega-Project, Developer to Build “Every Possible Bit of Parking”

By Stephen Miller | Nov 13, 2012 | 6 Comments

While some coastal areas in Staten Island cope with the devastation of Sandy, the city is moving ahead with a public meeting tonight about a parking-saturated mega-development for the north end of the island. According to one developer, the project will include “every possible bit of parking” that can be built there. At the same […]

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. […]

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