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Economy Slows Interest in New Yankee Stadium Suites PDF Print E-mail
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Written by Maury Brown   
Wednesday, 12 November 2008 08:47

New Yankee Stadium Suites

Bitter suite? The economy has slowed sales
of luxury suites for the new Yankee Stadium

Even baseball’s most popular team isn’t impervious to the slow down in the economy.

Sales for suites in new $1.3 billion Yankee Stadium, slated to open next year, have stalled, with seven of the luxury suites priced at $600,000 still remaining.

That was the same number of suites available in August, as well.

As reported by Ronald Blum of The AP, even in MLB’s largest market, the downward spiral of the economy is taking its toll.

“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.

“We’re entertaining proposals from different folks,” he said. “I’m not going to put them into the sold column until somebody sends me an e-mail and says, `Done.’ It’s so hard to say close when you get attorneys involved and you start fighting over terms, and we don’t want to change terms.”

This isn’t to say that there haven’t been takers for the most expensive seats in The House That George Steinbrenner is Building. Trost reports that 3,500 of the 4,300 premium seats have been sold, including the Legends section – $500-$2,500 per-game tickets near home plate in the first nine rows of 25 sections ringing home plate.

The economy has also slowed the completion of an in-stadium naming rights deal with Bank of America.

“Things are slow to come to fruition, but they’re getting there,” Trost said.

 


Maury Brown

Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is contributor to Baseball Prospectus, and is available as a freelance writer.

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