I recognize that real estate is a bit more expensive in New York than in other places. O.K., make that a whole lot more expensive.
But $1 million per season for a football luxury suite?
This is crazy expensive and it doesn’t even include the cost of beer and brats. But it makes sense in a New York sort of way. If you are a hot-shot broker entertaining the next great hedge funds, you can’t just go out and buy a luxury suite to a Giants game (although maybe you could for a Jets game ;^)). Inasmuch as the suites are being sold on 10-year contracts and rarely change hands once they are sold, a big shot has no way to ensure that he will be able to enjoy a game in 2015 in a luxury suite unless he owns a suite. In short, it’s become the quintessential asset that money can’t buy by the time the games are being played, so the big shots better pony up now or they will be out of luck.
And when New York eventually swings a Super Bowl, can you imagine the price that these babies will be selling for?