Deal on Defaulted Yankee Parking Debt Paves Way for Soccer Arena

New York City, the New York Yankees and investment manager Nuveen LLC struck a preliminary agreement to restructure debt sold for troubled parking garages at Yankee Stadium in the Bronx, removing a potential obstacle to the construction of a new soccer arena.

The Dec. 30 agreement, first disclosed in a bond filing Tuesday, would resolve the long-running default on $238 million of municipal bonds issued in 2007 to finance the construction of three garages and the renovation of other parking facilities at the new stadium. Revenue from the garages and lots wasn’t sufficient to pay debt service as fans preferred ...