Parking lots near Yankee Stadium owned by Bronx Parking Development Company are in financial trouble. The company defaulted on $240 million in bonds. The company could not keep its parking lots full, even during popular Yankee games. During an average ball game, lots were 46% full in the 2011 season and that number dropped to 43% during the 2012 season. That meant that profits were down, leading to this massive default.
Parks were converted to parking lots, but the New York Times calls this, â€œoverambitious,â€ in an October 21, 2012 news article. Even with assistance from the City of New York that included charging rent instead of taxes on some lots, the Bronx Parking Development Company still ran into financial problems. One man cited, â€œsupply and demand,â€ as the problem. The company charges up to $58 to park during a single game in any one of its 9,300 spots. The man told the New York Times that if the price was lower, then he would park there and more people probably would, too.
In addition, the 153rd St. Metro North train station that opened in 2009 has allowed people to take the train from the suburbs to the game, pulling cars away from the parking lot. Others ride the subway to Yankee Stadium. In short, considering the expense of parking, the availability of mass transit as a substitute to driving and the overambitious expansion of parking lots, the Bronx Parking Development Company may run into more than default, perhaps even bankruptcy.
Mr. Lutzky of Jayson Lutzky, P.C. is an attorney handling bankruptcy cases in New York City. If you are in debt or you are behind in your mortgage or auto payments, bankruptcy may be right for you. To determine your eligibility, contact Mr. Lutzky’s office at 1-800-660-5299 to set up a free in person consultation. Visit www.MyNewYorkCityLawyer.com for more information.