Bronx Parking, the organization that runs parking around Yankee Stadium and the bond holders on the parking garages have hired Former Big Apple Mayor Rudy Giuliani’s law firm to try to sort out the financial mess surrounding the parking operations and keep the garages from going into default.
Parking Blog followers know that ever since the new Yankee Stadium opened, the parking has been an financial disaster. They have had less then 50% occupancy and the revenues have fallen far short of the amount needed to cover the debt service.
The problem is two fold. First, Yankee fans like to take the train to the games. The train stops less than a block away. Second, there is a lot of parking within a couple of blocks, and on nights and weekends (when most games are played) that parking is available and the lot and garage owners are happy to welcome Yankee fans at half the price they pay to park in the two large garages adjacent to the stadium. Plus I’m told that you can park in the private garages nearby, walk to the game, return and get your car and leave faster and easier than you can if you park in the Bronx Parking lots.
The bonds are backed by the taxpayers of the city of New York. If it goes into default, guess who will have to pay for the incompetence of the planners who designed and built the garages.
Can the exMayor and Yankee fan pull Yankee parking out of the fire? Dunno, but it will take a lot of work, since the money to pay off the bonds just isn’t there. I guess the real question is will Rudy stick the taxpayers with the bill?
Does anyone know the answer to that? Heh — I do. BTW, the tab here is a cool $237 million.
H/T Astrid at PT’s Facebook page