By Danielle Sessa
Oct. 10 (Bloomberg) -- The New York Yankees have seven luxury suites priced at $600,000 a season left for sale at their new stadium and the club isn't concerned that the economic crisis will hamper its ability to sell them, chief operating officer Lonn Trost said.
The $1.3 billion ballpark has 47 luxury suites, though the Yankees aren't selling all of them. Some will be held for corporate sponsors, Trost said today.
Suites priced at $850,000 to $650,000 are already sold out and for a minimum of five years, Trost said. He declined to comment on how many suites in total were sold.
``We are reflective of and conscious of the state of the economy,'' Trost said in an interview. ``From a micro view, we don't see any evidence of modifications or changes taking place.''
Worldwide stock markets tumbled this week, moving the Standard & Poor's 500 Index to its worst week since 1933, on concern the credit crisis will send economies around the globe into a recession.
New York may be hurt the most following the collapse of Wall Street firms Lehman Brothers Holdings Inc., Bear Stearns Cos. and American International Group Inc. Some 64,000 financial-services jobs in New York and surrounding counties may be lost by the second quarter of 2010, according to Moody's Economy.com.
Suite Features
Suites at the new Yankee Stadium feature indoor and outdoor seating, high-definition televisions and a private bathroom. Food isn't included with the cost, though parking is. Eight party suites will be sold on a game-by-game basis.
Companies and individuals have purchased suites, though none were sold to Lehman, Bear or AIG, Trost said.
The New York Mets, who are also moving into a new stadium next season, sold out their 49 luxury boxes for as much as $500,000. The Major League Baseball team also said it hasn't experienced any slowdown from the financial crisis.
The Yankees sent out 35,000 surveys to season-ticket holders gauging interest in purchasing seats at the new ballpark and received 30,000 positive responses, Trost said. Fans will be asked for deposits within the next 30 days and full payment is due before the beginning of the season in April.
Seats at the new Yankee Stadium range from $2,500 for the front row behind home plate to $12 in the bleachers. Trost said 80 percent of non-premium seating will cost less than $100 and 47 percent will be under $50.
``We recognize what the fans want. We recognize what the fans abilities are, and we recognize what the economic trends are now and the past and the future,'' Trost said. ``We are well aware of what is going on in the world and we are well aware of the new stadium.''
To contact the reporter on this story: Danielle Sessa in New York at dsessa@bloomberg.net
Last Updated: October 10, 2008 17:07 EDT
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