, Wed, September 14, 2016
Yesterday, 6sqft took a look at a Brookings institute study that showed three New York City sports stadiums–Yankee Stadium (the most expensive of all in the country), Citi Field, and the Barclays Center–have received $867 million in direct and indirect federal subsidies. This resulted in the loss of $3.7 billion in government revenues since 2000, due to “lost tax revenue from issuing exempt bonds and the indirect proceeds high-income bond holders receive.”
Because of this drain, the authors of the study advocate that stadiums should not be eligible to receive tax-exempt bonds, especially since they claim “there is little evidence that stadiums provide even local economic benefits.” But not everyone agrees, likening stadiums to other public enterprises like parks. And, at least as pertains to the stadiums in New York, these venues host other community events aside from ticketed sports games. Which side are you on?
Share your thoughts here
, Tue, September 13, 2016
A recent Brookings institute study shows that federal government subsidies of big-ticket sports stadium construction are essentially money down the drain, The Real Deal reports. Three New York City stadiums–Yankee Stadium, Citi Field (both completed in 2009) and the Barclays Center–have accounted for a significant portion of these subsidies in the form of tax-exempt bonds, which have resulted in the loss of $3.7 billion in federal government revenues since 2000.
Not exactly a surprise…
- Crown Heights Premium Rental is Now Listing: It’s been a 7 year wait, but the new rental building, set to begin leasing in July, has finally released the first listings and Curbed has them, along with some renderings.
- Drinking and Grocery Shopping: According to the Observer, the Whole Foods at Columbus Avenue will soon be offering liquor at its pub On Tap from noon to closing. We’ll drink to that.
- CWCapital Calls off Stuy Town Auction: CWCapital Management officially took over Stuy Town earlier this week and they’ve decided that cancelling the auction is in the best interest of certificate holders and residents of complex… for now. Crain’s NY has more on the story.
- Fitting Renovation into Your Schedule: Anyone who’s spent a Saturday watching marathons on HGTV knows that renovation can be stressful and time consuming. Apartment Therapy has a few tips on fitting a home reno in your schedule.
- 123 on the Park Begins Leasing: The new rentals, formerly the site of Flatbush’s Caledonian Hospital, has posted 11 listings so far according to the Brownstoner. Best of all, they have pics from the new listings.
- Former Hotel Site on Astoria Boulevard Sells: Flushing based LGA Hospitality just purchased the 3 parcels on Astoria Boulevard near Citi Field and the Brownstoner has the scoop.
- Just Another Day in Space: FastCo. spotlights Tim Dodd, a photographer who took a series of side-splitting photographs of himself as an astronaut doing typical daily activities.
- Godfather of Ice Cream Goes Vegan: Malcolm Stogo, inventor of Cookies ‘n Cream (THANK YOU!!), is taking on the challenge of creating a dairy-free ice cream. The Observer talks to him as he works in his Astoria factory.
- 10 of Archinect’s Top Pinterest Interiors: Who doesn’t love looking at beautiful interiors. In case you haven’t noticed, we do! So we’re spreading the love with some of Archinect’s gorgeous pinterest pics.
Images: Tim Dodd cooking (left), 123 on the Park interior (right)