Nov
12

Stadium notes: how suite it isn’t

By

Via The Biz of Baseball comes a story about new Yankee Stadium and the current national financial situation. Due to the slowing U.S. economy, the Yankees still have some unsold suites and have yet to wrap up their stadium sponsorship deal with the Bank of America.

The AP has more:

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.”

Trost said in August that 44 of 51 suites priced at $600,000 to $850,000 had been committed, and that the $650,000 and $850,000 suites had sold out.

Basically, it sounds like the big-ticket buyers — the ones who opt for the premium suites — have made the decision that the investment will cover itself. The Yankees are having trouble finding buyers for the mid-range suites that won’t take up primo real estate and would sell to mid-level firms. I’m sure when push comes to the shove, the suites at the new stadium will be at 100 percent occupancy in April.

The AP report has a few more tidbits about the new stadium:

  • Construction is 12.5 days ahead of schedule. Even if New York has a particularly brutal winter, the new stadium will still be completed well in advance of Opening Day. So much for those early season rumors about the stadium’s being behind schedule.
  • The new Metro-North stop will open in the middle of May.
  • While Shea Stadium is mid-demolition, old Yankee Stadium won’t face the wrecking ball until next summer when the dismantling will be on full view for every fan to see. The Yankees have yet to announce their plans to sell off stadium memorabilia.
  • Old Stadium tours have been extended through Nov. 23. At this point, Monument Park is gone, but you can still walk on the field, check out the press box and enjoy the view from the dugout. Registration is available here.
Categories : Yankee Stadium
  • CountryClub

    I can see a lot of people getting pleasure out of this news but the truth is that they have 45 of 51 suites sold and I guarantee you that the income they’re getting from those 45 suites is a heck of a lot more than the 20 some odd suites they had at the old stadium. Plus, they’ll either sell the remaining 6 by opening day or they’ll sell individual tickets or mini packages for those suites and will get their money anyway.

    • Chris C.

      Okay, WHEW! Thanks for cheering me up.

      I just hate reading heart-wrenching stories about how the poor Yankees can’t sell off a couple of luxery boxes down the left field line. I mean, it’s one thing to hear about a family that gets evicted from their apartment due to the problems of the economy. But when the Yankees can’t hawk a few 6-digit boxes, then it really hits home!
      I just hope some of the employees don’t lose their Dental coverage now!

      • http://www.riveraveblues.com Ben K.

        No one is turning this into some heart-wrenching story about the poor Yankees. It’s a news story about the state of the team’s ticket sales. Don’t be such an ass all the time.

        • Chris C.

          C’mon, Ben. You’re the last guy I thought would take my post seriously.

          I mean honestly, don’t you find it even slightly funny that the way the economy is effecting just about everyone, the delemma the Yankees are facing is that they’re not able to shake everyone down?

  • DonnieBaseballHallofFame

    Anybody want to start a pool for one of the suites left? Like maybe if we get a thousand people together we could get one and everybody goes to one game? That would be funny.

    What are peoples guesses on what the price to own a pair of seats from the old stadium? I was hearing $2K

  • Ron

    “I’m sure when push comes to the shove, the suites at the new stadium will be at 100 percent occupancy in April”

    You’re much more optimistic than I am. I hope you’re right, but who will be buying? Certainly not the financial firms. Nor any company having anything to do with the automotive industry. Nor, after the Christmas season, any retailers. Oh, I know. Bankruptcy attorneys!

    • pat

      theres plenty of people in nyc with 600k to blow.

      • Steve

        Not as many as there used to be.

        Besides, these things are bought by companies are sales tools. They would spend just as much on bars, restaurants, Broadway shows, etc. And this has a much more exclusive feel to it. It breaks down to $7500 per game and these things hold 25+ people each. $300 a head, concessions are included, plus you get a ballgame. Its actually not far off from what you would spend on good seats for a group. Its a way for corporate season ticket holders to go upscale with their client entertaining. They get back the cost of the box many times over in added sales.

  • Steve

    “While Shea Stadium is mid-demolition, old Yankee Stadium won’t face the wrecking ball until next summer when the dismantling will be on full view for every fan to see. The Yankees have yet to announce their plans to sell off stadium memorabilia.”

    Just to clarify, “the wrecking ball” was meant figuratively. Wrecking balls, implosions and large scale demolitions are banned under NYC law. The old structure will be dismantled, piece by piece. That’s how its done in NYC. Not much of a spectacle to see, just a slowly shrinking structure over the course of a few months.

    • http://www.spartacus.schoolnet.co.uk/CRsmithT1.jpg tommiesmithjohncarlos a/k/a Mr. Snarky Irrelevant Non Sequitur Jones

      That’s a shame. I’ve seen a building imploded, it’s awesome, in a Beavis and Butthead kind of way.

      I was hoping that I could have watched George Costanza try and ferret out an appropriate bribe to a teamster to have him tape a Phil Rizzuto keychain onto a big old-style wrecking ball.

    • http://www.riveraveblues.com Ben K.

      Yeah, but it’s less of a dramatic turn to say that we can watch them take apart the stadium brick by brick or seat by seat. The wrecking ball is so much more inspiring.