• Loading stock data...
Friday, February 7, 2025

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.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

ESPN Faces Potential Exit from MLB Media Rights As Opt-Out Looms

A 35-year rights relationship now faces a very different media landscape.

Seidler Approved As Padres Owner; Manfred on Dodgers Spending

Manfred also defends the Tampa market and the Dodgers’ offseason conduct.

Featured Today

‘Ultimate Throwback’: The Unimpeachable Cool of Hartford Whalers Gear

Nostalgia and street cred have driven a consistent frenzy for merch.
January 20, 2024; Santa Clara, CA, USA; Kristin Juszczyk, wife of San Francisco 49ers fullback Kyle Juszczyk (44), before a 2024 NFC divisional round game against the Green Bay Packers at Levi's Stadium.
February 1, 2025

The New WAGs: Sports Wives Building Business Empires

Athletes’ wives and girlfriends are bucking stereotypes and cashing in.
Feb 3, 2019; Berkeley, CA, USA; California Golden Bears mascot dances on the court during a stoppage in play in the second half against the Stanford Cardinal at Haas Pavilion.
January 31, 2025

The Toll of Bicoastal Travel on New ACC Members Cal and Stanford

Cal and Stanford face missed flights, chaotic sleep schedules, and academic demands.
January 28, 2025

It’s Starting to Pay to Be Good at Cornhole

American Cornhole League players made $7.7 million in 2024.
Jan 31, 2013, New Orleans, LA, USA; General view of the downtown New Orleans skyline and Benson Tower and Mercedes-Benz Superdome in advance of Super Bowl XLVII between the Baltimore Ravens and the San Francisco 49ers.

The Battle for the Super Bowl: Can New Orleans Still Host the..

New Orleans’s Super Bowl future is up against tough competition from newer stadiums.
February 5, 2025

Rays Receive Blunt Message From St. Pete Mayor: We’re Ready to Move..

More doubt creeps into the MLB club’s already fraught stadium deal.
February 5, 2025

Chiefs’ Ambitious Facility Plans Hinge on Stadium Future

Chiefs consider $425 million training facility as stadium future and brand strategy evolve.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
February 4, 2025

From Parking to Parties: Superdome’s Super Bowl Transformation

The Super Bowl’s corporate-driven hospitality boom leaves fewer tickets for average fans.
January 28, 2025

Commanders Don’t Yet Control RFK Stadium Site. An Architect Has Grand Plans..

Architect Kyle Murphy seeks a “truly national stadium.”
January 27, 2025

Rays Stadium Deal in Trouble: Owner Raises Concerns Over Funding Delays

The MLB club still has concerns about an agreed-to stadium deal.
January 16, 2025

Caitlin Clark Effect Fuels Fever’s New $78M Downtown Training Center

The WNBA club is the latest to develop a new practice facility.