Truth & Rumors > MLB
Lawmakers investigate Yankee Stadium deal
In January 2007, the city assessed land under the new Yankee Stadium at 10 times the market value of virtually all other land in the South Bronx neighborhood. The assessment - not including the new ballpark - worked out to a fair market value of $275 per square foot. But a Daily News analysis of city property records shows that city assessors said land on a dozen blocks around the site was worth an average of less than $25 a square foot. Among the most astounding disparities: - The site of a VIP parking garage that will be connected to the new stadium: $20 a square foot. - Land under the old Yankee Stadium: $16 a square foot. - Land under the giant Gateway Center mall, currently under construction a few blocks south of the stadium: $9 a square foot. Lawmakers in Washington and Albany are investigating whether city officials inflated the new stadium's land value to make it possible for the Yankees to pay back nearly $1 billion in tax-free bonds for the project.
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Cintia Dicker
Jessica Hart



Comments (23) Add A Comment
So what? It was a freaking business deal and nobody held a gun to the Spankie heads.
Cassidy's House:…
Whatsittoya, NO
Total Comments (16281)
Tucking you junk between you legs and dancing in front of the mirror does not qualify either of you to evaluate business deals.
SlinkyRedfoot
Total Comments (17884)
First three stories in MLB go to the Yanks and Sox and not one is about a current player. Sweet.
Weapon X
Total Comments (27273)
Another half-written Fannation article...if the land under the new stadium was assessed at 10x market value, how is that good for the Yankees?
Yankee64
Total Comments (6735)
Coo Coo Collusion!!!!!!!!
The TRUTH
Someplacein, OH
Total Comments (14272)
Originally the land was purchased with meaningless baubles, trinkets, and assorted glass beads.
It's a bag, man
Total Comments (114)
No Chief that was Manhattan Island, what a rip off to the white guys, nothing but rock. Now the Bronx, they got that for a song. Start spreading the news....
The Original Tony
Total Comments (9401)
That's funny, I don't care where you are from!
The TRUTH
Someplacein, OH
Total Comments (14272)
If it wasn't for the stadium on the land that is just about what it is actually worth now.
AllStarz
Total Comments (18799)
Of course you're right, Tony. But I was taking some liberties while wise-assin'.
It's a bag, man
Total Comments (114)
Hope that the Yankee's and Steinbenner are looking for a refund.. they CITY is making a TON of money off the Yankee's and you know its funny the METS are opening a new stadium as well, is anyone talking about them???
NYY25to13
Falcon, CO
Total Comments (776)
Not in that neighbor"hood". The surrounding area is, for all intents and purposes, a slum.
hockeylifer
Ashland City , TN
Total Comments (259)
The investigation is about paying taxes on the land...that is the discrepancy i believe...
AllStarz
Total Comments (18799)
And as a documented oppressed minority, you SHOULD have some liberties! Tell ya what, next whiskey is on me ok Cochese
The TRUTH
Someplacein, OH
Total Comments (14272)
I don't see where the problem is......
the Yankees are a billion dollar a year company.
Their ONLY place of business is CERTAINLY worth 10x more than Joe's bodega 3 blocks away
jgb
Total Comments (8536)
Is that you NY25 to 13, is that you? From where I'm sitting you show good views, and your comments are also OK too.
The Original Tony
Total Comments (9401)
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