NYC F.C. is back with another Bronx stadium plan, but this time it’s not the one alongside the Gentrification Death Star that was proposed and then pretty much shot down earlier this year. Instead, according to the New York Times’ Charles Bagli, the team’s owners (Sheik Mansour bin Zayed al-Nahayan of Abu Dhabi and the Steinbrenner royal family of New York) are working on a new stadium plan at another Bronx site just south of Yankee Stadium that was previously proposed and then dropped almost five years ago. And whereas that earlier plan would have involved a panoply of tax and land breaks — $60 million of foregone property taxes, $21.5 million in other city tax breaks, $25 million in free rent, and $100 million in foregone parking revenues — the new one involves so many moving parts that it would make Rube Goldberg’s head spin:
- The Yankees owners, who got an agreement out of the city to provide 9,500 parking spaces for the baseball stadium they built in 2009, would reduce that requirement to 6,500 parking spaces, freeing up the old “triangle garage” and adjacent surface lots south of the old Yankee Stadium site.
- Developers Jorge Madruga of Maddd Equities and Eli Weiss of Joy Construction would buy or lease the garage and the lots from the city, and buy the adjacent GAL Manufacturing factory from its private owners, all for undisclosed prices.
- Madruga and Weiss would lease the GAL site to NYC F.C. for another undisclosed price, while building a hotel and conference center, retail and office space, a school, and “as many as 3,000” affordable apartments on the garage and parking lot parcels.
- NYC F.C. would construct a stadium on the GAL site, reportedly for $400 million, which would be by far the most expensive MLS stadium yet built.
This, you will notice, cleverly manages to arrange that no subsidies go directly to NYC F.C. — the team’s owners would be leasing private land, which would continue to pay property taxes. This enables Bagli to note that the soccer stadium is “not asking for the avalanche of free land, tax breaks and public funding” that went into other New York–area sports venues.
However, until we know who would pay what for which land, and whether the developers would pay fair market rent and property taxes on the garage land, it’s still entirely possible that the developers would be getting significant subsidies, which they could then pass along to NYC F.C. via cheap stadium land rent in appreciation for the Yankees allowing the entire deal to be done in the first place. (Needing the Yankees to approve the reduction in parking spaces is the only way it makes sense for the developers to be involving NYC F.C. at all, since you’d think otherwise it would be easier just to buy the parking parcels and forget about the GAL land.) And there there’s still the estimated $100 million in parking garage payments that the city is still owed, which it would never get if it handed over the land for private development, but which it also might never get if it kept the parking garages because nobody wants to pay to park in them, so you tell me how to calculate the value of that.
That, needless to say, is a lot of ifs — and as Bagli is just going by what NYC F.C. told him (plus what the city told him, which appears to have been mostly “nothing is final yet”), there’s no way to put a number on how much if anything this would end costing taxpayers … yet. If nothing else, it appears that the Steinbrenners and Sheik Mansour are taking a page from the Brooklyn Nets playbook, and creating a financing plan that’s so complicated that even I can’t fully understand it.
It’s also worth noting that there have been a lot of NYC F.C. stadium sites floated over the years, and I mean a lot. By my count, we have had: Flushing Meadows-Corona Park in Queens, Pier 40 in Manhattan, the GAL factory site, someplace in the city, someplace not in the city, Aqueduct race track in Queens, someplace in Brooklyn, the site of Columbia University’s football stadium in northern Manhattan, Belmont Park in Nassau County, that Harlem River site in the Bronx, and now back to the GAL site. So while it’s certainly worth taking this report seriously, it was also worth taking all of those other ones seriously and they never happened, so for now consider this yet another medium-percentage shot on goal that might go in if it sneaks into a corner of the net, but still has to make it past the wall and the keeper. Who would be, I guess, local elected officials and the city council? I think I may have gone and made this metaphor even more complicated than the financing plan, sorry about that.