The New York Mets might be a year away from moving into their new stadium, but that’s not stopping the fat cats from snapping up luxury suites.
Of 49 available suites, all but one have been sold as of late last week, according to Crain’s New York Business, and the last one is generating a lot of interest. The team is betting on increased demand for suites and premium seating when Citi Field opens, having eliminated about 12,000 seats overall compared to the team’s current home, Shea Stadium, which holds 57,000.
The new suites are priced between $250,000 and $500,000 per year for terms of three years to 10 years. While the $600-million Citi Field is eliminating 12,000 seats overall, the less expensive bleacher seat sections are shedding about 20,000 seats compared to Shea Stadium, because the team is adding more premium seats.
“Based on the success the Mets are having with suite sales I would imagine that they did their homework,” said Brian Satran, director of SuitesandSeats.org, an exchange that specializes in luxury suite deals. “It seems they weren’t too greedy, as teams tend to be when selling premium seats for a new stadium, and also took into account the struggling economy.”
With three new stadiums (Citi Field, the new Yankee Stadium and the new Jets/Giants stadium) and a major renovation to Madison Square Garden coming over the next couple of years, ticket brokers have bemoaned the increase in season ticket and luxury suite prices for New York area teams. The Yankees, for example, dramatically increased ticket prices this year, the year before moving into the new stadium, and the team’s new luxury suites are reportedly selling for between $600,000 and $850,000.
And, the Dallas Cowboys perhaps set the bar on what teams will charge for various premium seating options.
“It’s always tough to decide how many suites to build in a new venue, along with how many to make available for a season and how many to hold back for single games,” Satran added. “I think it’s going to be very tough to get into a suite at Citi Field if you haven’t done so already, and credit certainly goes to the Mets premium seating department.”
