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The city that has everything is getting a new major sports stadium.
New York City Football Club struck a deal with city officials to build a dedicated soccer stadium in Queens. The 25,000-seat venue is scheduled to open in 2027.
The stadium will be located at the Willets Point area, neighboring the New York Mets’ Citi Field and the USTA Billie Jean King National Tennis Center, which hosts the U.S. Open.
- The team will cover the cost of stadium construction, which is expected to reach around $780 million.
- The city will allow the team to forgo real estate taxes for the duration of the lease and make infrastructure improvements related to the project. The team will not get any kickbacks related to mortgage recording and sales tax.
- The team will pay the city $4 million annually over the 49-year lease with an option for a 25-year extension.
Not Just a Stadium
The Major League Soccer team has long been on the hunt for a home of its own, having played games at Citi Field, Yankee Stadium, and Red Bull Arena, home to the rival New York Red Bulls and the NWSL’s NJ/NY Gotham FC.
Following the trend of many new stadium and arena developments, the project will include a 250-room hotel and 2,500 units of affordable housing on land the city is leasing to developers Related Companies and Sterling Equities.
