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Friday, June 14, 2024

Speculation Over MSG Relocation Lingers

  • Madison Square Garden directors reportedly turned down a proposal to move the arena to Hudson Yards.
  • A report from last year estimated it would cost $8.6 billion to move the arena.
Brad Penner-USA TODAY Sports

Madison Square Garden is staying in place — at least for now.

Related Companies, a Hudson Yards developer owned by Miami Dolphins owner Stephen Ross, reportedly pitched an arena design that would be housed above a casino in Hudson Yards, but MSG directors turned it down.

Documents published in 2021 by Reinvent Albany estimated it would cost $8.6 billion to relocate the home of the New York Knicks and Rangers, but relocation isn’t completely off the table.

MSG sits above Penn Station, the country’s busiest transit hub, which saw around 650,000 travelers each weekday pre-pandemic. Its operating permit at the site expires in 2023.

  • On July 21, the Empire State Development board approved a $7 billion redevelopment of Midtown Manhattan around Penn Station. The Public Authorities Control Board still has to approve the proposal.
  • The plan would construct 10 towers in the area, up to 1,800 residential units, around 18 million square feet of mostly office space, and more. 
  • The development would provide developers an estimated $1.2 billion in tax breaks.
  • It’s unclear how MSG would be affected by the project.

Penn Project’s People

Gov. Kathy Hochul reportedly shut down further talks between the arena and Hudson Yards this year to avoid conflicts with Penn Station’s redevelopment plan. A Penn Station redevelopment was originally introduced by former Gov. Andrew M. Cuomo.

The plan is backed by mayor Eric Adams, but other officials and community members have objected to it.

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