More Naming Rights for Barclay's
All you Atlantic Yards fans out there in the blogosphere are gonna love this one. Now, not only will you get to (maybe) have an arena with the name Barclay’s plastered all over it, you’re also going to have a subway station with the name Barclay’s plastered all over it. The Times reports that the…
All you Atlantic Yards fans out there in the blogosphere are gonna love this one. Now, not only will you get to (maybe) have an arena with the name Barclay’s plastered all over it, you’re also going to have a subway station with the name Barclay’s plastered all over it. The Times reports that the MTA has reached a deal (finally—they’ve been looking to do this kind of thing for five years) to sell the naming rights to the Atlantic Avenue station right next to where the arena would be to Barclay’s for $4 million. No word on whether Barclay’s will be able to pay $800,000 upfront and then take 15 years to pay the rest. Like Ratner, Barclays was able to stretch its payments out over 20 years, making the present value far less than $4 million. Hey, we hear McCarren Park is up for sale too—though the bank will have to get past NAG, Poolaid and its petition first.
This is just window dressing for a public that is being fleeced and a diversion for public entities (the MTA and the Empire State Development Corporation) to hide behind while they abdicate their fiduciary responsibilities. The naming rights for the subway station is chump change compared to the value the MTA is conferring on Forest City Ratner in land rights. Barclays is aiding and abetting the looting of the public coffers by Forest City Ratner in their failed promise of Atlantic Yards.
FSRQ-I repeat- 4 mil payable over 20 years? In prime advertising space (if not now, then when supposedely AY is built) As for “insulting” MTA employees- you mean the same ones the public pays? The same ones who did not take the highest bid for the rights to the rail yards? I may be a know nothing but only a moron would have agreed to that deal. Recognize yourself?
ontheparkway – last I looked Barclays is not Bruce Ratner, Barclys is paying the 4M, so the deal that the MTA made with Ratner is irrellvant.
And Bxgirl the “if not” is a modifier and therefore is not an “insult” and if you found it “insulting” than I am sorry but it doesnt change the fact that you KNOW nothing about the market value of naming rights of a subway station, or that you can not cite a more lucrative deal anywhere in the country for a comprabable naming right or that you are unable to name a single potential sponsor who would pay more.
I have no idea if the MTA is maximizing the profit potential of this (and apparently neither do you), but I know that getting $4M (for essentially nothing) is far better than $0 and without any evidence to the contrary I have no idea why you feel you are qualified to “insult” the MTA employees who I am sure believe they got the best deal possible
fsrq
Again, please read what people are saying.
Here’s the deal–Ratner gets a nearly $200M break from MTA. He pays back $4M spread out over 20 years for these dopey naming rights.
You think that’s a good deal?
“if not please keep from monday-morning-quarterbacking things you no nothing about.”
And FYI- the correct word in this instance would be “know.”
If you don’t think your comment was insulting I hate to think what you do find insulting.
4 million over 20 years? That’s also insulting.
Bxgrl – I didnt insult you and again – if you think 4M is not enough please cite a client willing to pay more for the naming rights.
i disagree,
Bxgirl and anyone with a head are complaining becasue the public got ripped off, big time.
The MTA is giving Ratner a property that was appraised by the MTA at $200M for $20M plus his promise of paying some additional amount over time (don’t hold your breath for that. why not just get the spineless board to change the deal again, like he just did?)
Also, they allowed him to renege on the previous deal and build a railyard that is worth $100M less than what he previously agreed to do.
In exchange, he coughs up $200K a year for Barclays signs in the subway station.
This from the same geniuses that turned away $150M up front last year for the same land.
And you have the cojones to defend the deal. What a joke.
werner- they accepted the 100 mil- which is really watered down becuase of the terms of the deal they worked out now (or are working on). They passed up 150mil offered upfront by extell in order to give the rights to Ratner.
excuse me- discussion.