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.