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Major League Soccer team to build $400M Bronx stadium

Mark Maurer reports for The Real Deal. A new Major League Soccer team called the New York City Football Club is close to signing a deal with GAL Manufacturing to construct a $400 million soccer stadium between the Major Deegan Expressway and East 153rd Street in the Bronx. The New York City Football Club — of which Manchester City Football Club of the Premier League holds the majority stake — would have to pay GAL Manufacturing to relocate, and fund all construction. The 28,000-seat facility would sit on a vacant lot just south of Yankee Stadium. While Mayor Bloomberg supports the deal, Mayor-elect Bill de Blasio has yet to review it, the New York Post reported. The plan also calls for the club to make pilot payments through a 35-year deal and promise revenues to bondholders. The stadium is projected to open by 2018 or 2019. In August, the club was in talks to demolish the 2,400-plus parking garage on the site, as previously reported.

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