The Daily News recently reported that in order to make the parking cash-strapped garages of Yankee Stadium more profitable, a new luxurious hotel will be build on top of it. This was proposed by Ruben Diaz, President of the Bronx borough, as the best way for developers to pay back their investors and create a new tourist attraction in the area. The cost of constructing those garages was shared by Empire State Development Corp., who gave $70 million and the Economic Development Corp. of the city, which raised $237 million for it.
But thanks to NYC’s convenient subway line dumping ticketholders off right at the stadium, the garage does not generate adequate revenue. Bronx Parking Development was forced to raise its rate last September as well as dip into its reserve fund to make sure it could make the payment of $6.9 million. Mr. Diaz also pointed out that building a new hotel will mean the first four or five-star hotel for the borough which at present is the only borough of New York without such a hotel.
[Source: The Real Deal]