Project Finance's Deals of the Year
The financing of a new Yankee Stadium, through the issuance
of bonds by the New York City Industrial Development Agency, was named 2006
Deal of the Year: North American Leisure by Project
Fried Frank represented the New York Yankees in the financing and development
of a new Yankee Stadium in the Bronx. The matter, which closed on August 22,
2006, represented a year and half effort at the Firm, which included all public
approvals required for the project, leasing of the site of the new Stadium from
the City of New York and a US$960m tax-exempt bond issue by the New York
City Industrial Development Agency for financing the construction of the
Stadium, expected to open in time for the 2009 baseball season.
The Fried Frank team included real estate partners Stephen A. Lefkowitz and Melanie Meyers and corporate partners Arthur S. Kaufman and Emil Buchman.