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City gives up Yankees suite for cash.

The Bloomberg administration is giving up its free luxury suite at the new Yankee Stadium in exchange for whatever revenue the Yankees generate by selling the 12-seat box, minus the cost of marketing it. Neither the city nor the Yankees have disclosed the market value of the suite, but similar suites in the new stadium are being sold for as much as $600,000 a year. The city's acquisition of the Yankees suite has drawn scrutiny after e-mail messages revealed aides to Mayor Michael Bloomberg had zealously pursued the box, as well as free food and access to post-season games. The Yankees also received an additional 250 parking spaces and three new billboards after the administration was given the suite. Under the new arrangement, the Yankees will be allowed to keep the parking spaces and billboards, and the city will be guaranteed at least $100,000 for each baseball season, even if no one buys the suite. The city's costs in building the new Yankee and Mets stadiums have increased considerably since the last cost-benefit analysis in 2006.
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Publication:The Real Deal
Article Type:Brief article
Geographic Code:1U2NY
Date:Jan 7, 2009
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