.600 is a phenomenal batting average for a major leaguer. It’s a woeful showing for the parking garages around Yankee Stadium, many of which are brand-new and financed by tax-exempt city bonds. And the failure of the garages is one the city could have seen coming.
The operator of the stadium-area garages, Bronx Parking Development, may now default on its bond obligations to the city, according to the NY Daily News. Four out of every 10 spaces in the garages are empty, in a year after the Yankees won the World Series. Among the reasons cited for the lack of drivers: “many fans… lured” to the Metro-North station built specially for the stadium at East 153rd Street.
Sound familiar? Back in 2006, Tri-State, along with 10 other organizations, warned that the new Metro-North station would make the increased garage capacity superfluous. At the time, the organizations said that public money should go to the Metro-North station, not the garages. The new stadium has fewer seats than the old, making the decision to add 3,600 parking spaces even more puzzling.
In addition to the approximately 5,000 fans (a bit lower in other accounts) taking Metro-North, the Daily News notes two other factors contributing to the high vacancies in the garages: cheaper parking nearby and a drop in reserved parking for season ticket holders.