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Sunday, April 21, 2024
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Yankees’ Parking Feud Holds Up $1B MLS Arena

  • Yankees sought to change key terms in the deal days before the board voted on the issue.
  • New York City Football could begin construction on its $1 billion development plan for a new arena.
Rich Barnes-USA TODAY Sports/Design: Alex Brooks

A dispute over parking spaces has put a deal to restructure $240 million of municipal bonds for underused garages at Yankee Stadium on hold, per Fox Business. 

The deal was delayed by the city of New York, as the Yankees sought to change key terms just days before the Bronx Borough Board voted on the issue.

The team wanted Nuveen, the majority holder of debt for the parking garages, to guarantee 5,500 spaces for events, but the provision was excluded from the term sheet

Nuveen is holding $156 million of the debt as of May 31. 

“The underutilized parking lots can be so much more than they are today,” said Rachel Loeb, CEO of New York’s Economic Development Corporation. “The South Bronx deserves a plan to build a healthier and stronger community.” 

  • Major League Soccer’s New York City FC could begin construction on its $1 billion development plan for a new arena.
  • Nuveen and real estate development firm Maddd Equities have proposed building the new arena near Yankee Stadium, along with affordable housing and a hotel.

The city would split the current lease for 13 parking facilities near Yankee Stadium with Maddd and Nuveen, with Maddd paying bondholders $46.3 million for its share.

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