2009: The Year The City Broke

Writers and historians will use this anecdote in the introductions of the many books yet to be written detailing the Fall of New York City:

After spending $2.3 billion on new stadiums packed with suites, restaurants and the latest technology, the Mets and the Yankees expected fans to embrace their new homes and pay top dollar for the privilege. Almost every team that has built a new stadium in the recent past has seen an immediate surge in attendance.

Instead, the Mets and the Yankees face a public relations nightmare and possibly millions of dollars in lost revenue after failing to sell about 5,000 tickets — including some of the priciest seats — to each of their first few games after last week’s openers.

The empty seats are a fresh sign that the teams might have miscalculated how much fans and corporations were willing to spend, particularly during a deep recession. Whatever the reason, the teams are scrambling to comb over their $295- to $2,625-a-seat bald spots.

. . .

But the slow start in New York is striking considering how much the teams here spent to build and promote their parks. Like airlines that break even on economy tickets and rely on first-class travelers to turn a profit, the teams need to sell their most exclusive seats to help repay the hundreds of millions of dollars of tax-free bonds they issued to finance their new parks.

The unfilled seats in New York are even more glaring compared with how robust sales have been for previous stadium openings. The Baltimore Orioles sold out 67 of their 80 home dates in 1992, when Camden Yards opened. The Cleveland Indians sold out 36 games in the strike-shortened season in 1994, and were filled to capacity 455 consecutive games from 1995 to 2001.

After moving to their new park in 2001, the Houston Astros drew 3.1 million fans, 300,000 more than they ever attracted at the far larger Astrodome. The Pittsburgh Pirates, a perennial second-division team, sold 2.4 million tickets in 2001 when PNC Park opened, 700,000 more than they ever sold at Three Rivers Stadium.

Location Scout: New Yankee Stadium, Citi Field.