The 25,000-seat stadium for the New York City Football Club is slated to rise on city land by 2027 in the Willets Point neighborhood of Queens, across the street from the right field foul pole of Citi Field, the home of the New York Mets, Mayor Eric Adams and the soccer team’s officials confirmed on Tuesday.
The stadium would be the first significant major-league sports venue to be built in the city since 2012, and is set to be the focal point of a 23-acre project that includes a 250-room hotel and 2,500 units of housing. Officials say the project would be the city’s largest development of entirely affordable housing since the Mitchell-Lama developments of the 1970s.
The soccer team will pay for the entire construction of the stadium, which is estimated to cost $780 million, city officials said. Neither tax-exempt bond financing nor direct city capital infusions will be used, according to Andrew Kimball, the president of the New York City Economic Development Corporation. The developers are not getting abatements on mortgage recording or sales taxes, he said. But the stadium owners will not have to pay real estate taxes for the duration of the lease.
NYCFC clearly needs its own building. And if the team is paying for the place — and it should be, considering it is owned by the Abu Dhabi royal family and the Yankees — there is nothing to take umbrage with. And the Mets make out well too because, according to the report, they’ll get parking cash. And the stadium increases owner Steve Cohen’s odds to get his casino proposal approved.
Soccer. The eternal sport of the future.
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James Kratch can be reached at [email protected]