New York City Trades Luxury Suites For Cash
Embattled businesses like AIG have taken a public opinion beating for their pricey luxury suites at stadiums, now New York City itself is feeling the heat. The NY Post reports that Mayor Bloomberg has said he will ask both the Yankees and the Mets to sell the boxes to the highest bidder. The money would go into city coffers for the next five years and then the next mayor can if he wants to continue the deal. The arrangement could give the city at least $100,000 a year from the Yankees and a similar amount from the Mets. The boxes at the new Yankee Stadium have sold for $600,000 to $850,000 while those at the Mets' Citi Field sell for $275,000 to $500,000. Both teams have managed to find plenty of takers for the exorbitantly priced suites so far.