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.
Hey, Etson, there is a very amusing academic paper in your comment! It is well-known that constructing fancy corporate headquarters is a good reason to short a stock, but we’ll have to add stadium naming rights to that.
Maybe Barclays has a financial relationship with Forest City?
Not sure why Barclays would be doing this unless they are planning to buy a branch network here. It’s an overseas bank with no retail presence in NYC (or in the US as a whole as far as I know).
They should also be aware of the widely noted correlation between companies buying naming rights and their falling into financial difficulties! Enron Field in Houston was probably the most notable, but there are plenty of others (Citi, PSINet, Conseco, Qwest etc). Maybe it’s because companies agree to these deals at the height of overconfidence.
JZ = Jay-Z. and it is lebron james we are hoping to get!!!!!
I’m guessing that nobody will actually refer to it as Barclay’s Station, sort of like how nobody but tourists says “Avenue of the Americas.”
Hey, I think they’re onto something. To get rich is glorious. How about:
Citibank Prospect Park
Verizon Botanic Gardens
Grand Starbucks Plaza
So the MTA is bailing out the hated Ratner as well as a forieign bank that made its fortune in part off of the trans-atlantic slave trade, all to bring JZ and NBA basketball to BK. Now we know why the MTA is broke…
Whoops, that’s what we get for skimming…
I can’t imagine this is a good deal for the MTA. Changing the name of one of the busiest stations in the United States means that every guide book, every MTA map, every NYC map will have to change. That has to be worth more than $200,000 a year. And what happens after that?
“No word on whether Barclay’s will be able to pay $800,000 upfront and then take 15 years to pay the rest.”
The Times article mentions that the $4M will be paid “$200,000 a year for the next 20 years”