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Lawmakers investigate Yankee Stadium deal

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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.

New York Daily News

New Yankee Stadium, Chris McGrath/Getty Images New Yankee Stadium, Chris McGrath/Getty Images
Comment #1 has been removed
Comment #2 has been removed
September 12, 2008  07:34 AM ET

So what? It was a freaking business deal and nobody held a gun to the Spankie heads.

September 12, 2008  08:00 AM ET

Tucking you junk between you legs and dancing in front of the mirror does not qualify either of you to evaluate business deals.

September 12, 2008  08:28 AM ET

First three stories in MLB go to the Yanks and Sox and not one is about a current player. Sweet.

September 12, 2008  09:56 AM ET

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?

September 12, 2008  10:10 AM ET

Coo Coo Collusion!!!!!!!!

Comment #8 has been removed
September 12, 2008  10:48 AM ET

Originally the land was purchased with meaningless baubles, trinkets, and assorted glass beads.

September 12, 2008  10:54 AM ET

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....

September 12, 2008  10:58 AM ET
QUOTE(#9):

Originally the land was purchased with meaningless baubles, trinkets, and assorted glass beads.

That's funny, I don't care where you are from!

September 12, 2008  11:02 AM ET
QUOTE(#9):

Originally the land was purchased with meaningless baubles, trinkets, and assorted glass beads.

If it wasn't for the stadium on the land that is just about what it is actually worth now.

Comment #13 has been removed
September 12, 2008  11:36 AM ET

Of course you're right, Tony. But I was taking some liberties while wise-assin'.

September 12, 2008  12:04 PM ET

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???

September 12, 2008  12:56 PM ET
QUOTE(#1):

Isnt NYC one of the highest ( if not the highest place to life) in the world? Land prices are in the top 3 so it could be possible.

Not in that neighbor"hood". The surrounding area is, for all intents and purposes, a slum.

September 12, 2008  01:13 PM ET

The investigation is about paying taxes on the land...that is the discrepancy i believe...

September 12, 2008  02:07 PM ET
QUOTE(#14):

Of course you're right, Tony. But I was taking some liberties while wise-assin'.

And as a documented oppressed minority, you SHOULD have some liberties! Tell ya what, next whiskey is on me ok Cochese

September 12, 2008  03:21 PM ET

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

 
September 12, 2008  05:48 PM ET
QUOTE(#15):

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???

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.

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