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Stadium Development

Yankee and Shea Stadium Sell-Off!

By Neil deMause, Monday, Mar. 24 2008 @ 12:51PM
Comments (4)
Categories:

shea.jpg
See anything worth buying here?

Today's front-page Post "exclusive" reports that the Yankees and Mets are in "secret talks" to buy the remnants of Yankee and Shea Stadiums so the teams can sell off the scrap to souvenir-hunting fans. In the story inside, memorabilia expert Mike Heffner raves about the value of New York baseball relics, speculating that in the case of Yankee Stadium, "Each brick could sell for $100 to $300. I doubt we'd have any trouble selling every seat in the house for as much as $1,000."

Even given the low bar for tabloid exclusives, not much of this is news.

Selling off bits of the old stadiums has always been part of the financial plan for the new ones; two years ago, the city Industrial Development Agency included in its cost-benefit analysis for the Yankees a "salvage value" for the current stadium of $10 million. If Heffner's estimates seem to blow that projection out of the water—even discounting the bench-style bleacher seats, $1,000 a pop could mean $50 million from seat sales along—keep in mind that in previous stadium auctions, the removal process has meant destroying about one seat for every two extracted, and removal costs themselves have eaten up most of the proceeds. So while there's definitely gold in them thar urinals, it might not be quite as rich as the Post is implying.

The only real new news, then, is that the city is considering partnering with the teams for the stadium auctions, either by selling rights to loot the ballparks for a lump sum, or cutting a profit-sharing deal. This could actually make sense for city taxpayers—the Yankees and Mets certainly have more experience separating fans from their hard-earned dollars than the Parks Department, the stadiums' official owner. Though given the last deal city negotiators struck with the teams in secret talks, you have to hope the Bloomberg administration doesn't have the same people at the bargaining table this time.

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Related Content

  • Bloomberg's Gift Horse November 8, 2005
  • Two Stadiums. No Waiting. March 7, 2006
  • It's One, Two, Three Games You're Out October 3, 2006
  • As New Yankee and Met Stadiums Go Up, So Do Costs and Disruption March 25, 2008
  • The Strange History of Final Games in Stadiums Slated for Demolition September 17, 2008

More About:

  • New York Yankees
  • New York Mets
  • Mike Heffner
  • Yankee Stadium
  • Auctions

Comments (4)

Robert says:

Save the old Yankee Stadium as a venue for concerts and other events. How about little league championships, chances for big guys to play with some old timers, and a variety of other events. It is only one of three remaining original stadiums in our nation. It is a National Treasure. Please SAVE YANKEE STADIUM and keep new events coming there, it will be an open air money maker!!!!!

Posted On: Sunday, Apr. 6 2008 @ 8:19PM
Neil deMause says:

Unfortunately, saving Yankee Stadium is off the table - that's where the city will be building the new public ballfields required (by state law) to replace the ones demolished for the new stadium.

Posted On: Friday, Apr. 11 2008 @ 11:34AM
pete says:

anyone know when they will start to tear down either stadium?

Posted On: Wednesday, Oct. 8 2008 @ 6:43PM
Jeanna Dorchestor says:

There is money to be made in gold at the moment, with all the current market instability it can pay off to invest your money in things other than just currency. Buying Scrap gold can allow you to invest in something with true value.

Posted On: Tuesday, Feb. 2 2010 @ 1:38AM

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