Yankee Stadium Parking Update: Owners Plan to Default on Bonds

Cost of parking for the 2011 ALDS

Today in a report from the New York Daily News the owners of the parking garages and lots around Yankee Stadium plan to default on $237 million in bonds. It shouldn't come as a big surprise, since the new stadium opened they have raised from $14 to $35 ($48 if you want valet), and have opened up a brand new metro north station just a block away.

Just 38% of people are parking in the lots when the bombers are home, and just 70 people use the lots during the off season. That's 21 acres of wasted space for the community on parking garages, and even more when you consider that the new Yankee Stadium took away park land too. If the city wanted to do right they would tear down one of the garages/lots and make a park for the public. Some of the other options in the article are low income housing or a hotel.

With tolls and gas going up, the owners of the garages would be smart to lower the prices to get more people to drive again and use the parking lots. I expect in 2012 for them to either raise the price again, or keep it at $35.