Parking garages serving the new Yankee Stadium in the Bronx are headed for default on $237.6 million of tax-exempt bonds due to low usage in the face of cheaper alternatives, the borrower disclosed last month.

Bronx Parking Development Co. said in a letter to bondholders that it expects to tap a debt-service reserve fund to make its next two interest payments and may not be able to replenish it in time to prevent an event of default. BPDC is caught in a bind because raising parking rates would only prompt more customers to seek less expensive alternatives in the working-class neighborhood around the stadium, which is a far cry from the affluent Manhattan neighborhoods where such prices are ­common.

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