In the current financial crisis, one would have thought that banks would be very careful with their cash. Not so one British bank which will have a very curious item in its P&L statement at its next balance sheet date. Barclays have agreed to pay $4 million to buy a New York subway station. Not the real estate, just the right to rename the current Atlantic Avenue subway station in Brooklyn as Barclays Center, as the Americans would say, named for a nearby commercial complex.
MTA spokesman Aaron Donovan says the company will pay the agency $200,000 a year for 20 years for the renaming rights.