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November 12, 2008
Traffic slows for suites at new Yankee Stadium
How suite it isn't: Traffic slows for luxury boxes next season at new Yankee Stadium
AP via CNN Money
The New York Times reported little more than a month ago that the faltering economy wasn't having a negative effect on the sales of new luxury suites, but that was before things got really ugly on the economic front. Now, even New York's pre-eminent sports franchise is having some trouble moving the merchandise.
Selling suites may not be so sweet a business for the New York Yankees in these tough economic times.
Seven luxury boxes down the foul lines priced at $600,000 remain available for the 2009 season, the first at the new Yankee Stadium. The team still had seven available in August, too.
"There's no getting away from the fact that the world is different than it was, so traffic slows," chief operating officer Lonn Trost said Tuesday. "So you don't have 10 people banging on the door. You may only have two people."
NoLandGrab: With the projected supply of New York-area luxury suites increasing by more than 50%, to nearly 700, according to that Times story, the Yankees' news can't bode well for a team trying to float $800 million in new bonds to build a suite-laden basketball arena in Brooklyn.
Posted by eric at November 12, 2008 9:56 AM