Bubbly paradox: Tourists and New Yorkers splurge on New Year’s Eve amidst lingering affordability crisis

New Yorkers and visitors to the Big Apple will ring in the New Year in style, opting to splurge on tickets to see the ball drop in Times Square this year, despite affordability issues that still plague the city and the nation.

A ticket rush for New Year’s Eve specials in Times Square and nearby is unfolding, even against stark economic realities. Despite high rents and a list of grocery prices that continue to escalate, many restaurants in the Crossroads of the World reported being nearly or completely sold out as of Dec. 21.

Nacer Hamai, co-founder of event-producing group NYC New Year’s, said the restaurants selling out the fastest are the ones closest to the One Times Square building, where the sparkling New Year’s ball drops every year.

“This year, the hottest tickets in Times Square are the ones that are ball-drop adjacent or have a street view or local view of the ball drop,” the event producer explained.

Some of the top sellers include popular chains Olive Garden, the Chicken Guy and Planet Hollywood, all of which sold out by late October this year.

$600 is the “sweet spot”

The deals can be pricey, especially for families traveling from out of town who have to buy multiple tickets. New Year’s Eve tickets per person at Olive Garden, arguably the most famous chain in Times Square, went for $699, followed by Planet Hollywood’s $499 package and the Chicken Guy coming in at a comparatively modest $399.

Hamai noted that the current pricing trend shows that New Year’s Eve tickets for these venues are hitting the maximum price point customers are willing to pay.

“That tends to be the sweet spot this year for people,” he said. “That $500-$600 range.”

Restaurants in the area with four-digit ticket prices still have space available, though Hamai said their momentum is moving and will likely sell out by Christmas.

Tourism is fueling sales

The demand for New Year’s Eve fun appears strong, driven in large part by tourists eager to experience a quintessential NYC moment, regardless of the financial strain they may or may not be experiencing.

“For a lot of people, especially tourists, not just national but international tourists along with the locals, this is a bucket list for them,” Hamai said, adding that most of the venues that sold out so far are from family friendly venues. “The ones that are left right now are not only higher price points, are more for adults 21 and older.”

Meanwhile, there are still venues with hefty price tags that have sold out this year.

The Terrace and Outdoor Garden in Times Square is sold out of its $1,500 New Year’s Eve special that features appetizers by Michelin-starred Chef John Fraser, an open bar with specialty cocktails and live music throughout the night.

“Private security takes you to a private area that is exclusive,” said a woman who answered the phone at the restaurant, adding that an afterparty starting at midnight is included in the package.

Many other restaurants and over-21 pubs throughout the ball area are also offering deals.

Andrew Rigie, executive director of the NYC Hospitality Alliance, underscored the significance of Times Square on New Year’s Eve, prompting local venues to be ready early for the occasion.

“New Year’s Eve is one of the biggest nights for people to celebrate, and for many people from around the globe, Times Square and the ball drop are the main attractions,” he said. “So, restaurant reservations get booked in the area and bars are ready to host, making it a great night for local businesses and hospitality workers to earn money as we close out the year.”

Billy Porter performs in Times Square on New Years Eve in New York City, U.S., December 31, 2020. Gary Hershorn/Pool via REUTERS

Tom Harris, president of the Times Square Alliance, said he is not surprised that restaurants are selling out their New Year’s Eve parties in Times Square. He is ready to celebrate.

“It’s one of the most iconic celebrations in the world, and people want to be as close as they can to it,” he said. “Along with the NYPD, we work hard all night long to make sure people have access to our restaurants and bars so that our neighborhood can benefit from this incredible, century-old tradition.”

According to the NYC Economic Development Corporation (EDC), core business districts like Times Square are vital to the city’s economy during the holiday season, including New Year’s Eve.

Increased spending and foot traffic drives seasonal employment across the city, providing job opportunities for city residents and generating more than $500 million in economic impact annually, a Nov. 26 EDC press release stated.

The good news is tickets are still available — at least at press time — at several restaurants near the ball for New Yorkers to enjoy a night out with great views of the famous ball.

Gatsby’s Landing, located on 44th Street, features New American cuisine. As part of the venue’s $695 holiday special, the venue offers a five-course tasting dinner, open champagne toast, live music and an escort to see the ball drop. Applebee’s, Stout NYC and Havana Central still have room for partygoers.

Choosing to stay home, regardless of money

A slew of laws were passed recently in the NYC Council to make the Big Apple more affordable. This includes Intro. 902-B, also known as COPA, which gives eligible nonprofits and community land trusts a first chance at buying low-income residential properties when they are for sale. Another bill that passed the council is Intro. 1443, which mandates a certain number of newly built rental units financed by the city to be designated affordable for “very” and “extremely” low-income households.

Meanwhile, many New Yorkers are choosing to stay home on New Year’s Eve. But several told amNewYork the choice is more about comfort and safety, rather than money.

“Well, I’ll tell you I haven’t gone out in about 35 years for New Year’s,” Therese Kara Lydon of Staten Island said. “Most New Yorkers do not go out for New Year’s. Definitely not Times Square. No New Yorker has ever done that. Most just stay home.”

Jennifer Puglia, who owns Puglia Baked Goods in NYC, does many catering events around the holidays. She said New Year’s Eve is more of an appetizer or “picking” type of holiday.

“We do a lot of cheesecakes and chocolate sweet trays,” she said.

Like Lydon, Christine Crispino of Staten Island said she will be ringing in 2026 from home, too.

“I’ll be home as usual,” she said. “I’m not a fan of going out, but have the money to do so.”

Kirill, a lifelong New Yorker, said a small party at a friend’s house is ideal.

“A good get-together at a local house has always been the best celebration,” he said.