Yankee Stadium Garage Loss Widens as Fans Balk at Prices
- Parking facilities debt trading at 29 cents on the dollar
- Forbearance agreement extended through December 31, 2016
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The last-place New York Yankees aren’t the only struggling enterprise in the Bronx. Documents show the net loss on the municipal-bond financed parking garages outside Yankee Stadium widened last year to $31.2 million.
Bronx Parking Development Co. issued $237.6 million of municipal bonds in 2007 through New York City’s Industrial Development Agency to build three garages and renovate two others.