Madison Square Garden needs to be relocated so the process of building a new Penn Station can begin. The current location is it's fourth location as it was originally located at Madison Square Park. Currently it is located above Penn Station.
A new study by the Municiplal Arts Society finds that moving Madison Square Garden to allow for a re-developed rail hub could spur development of 30 sites in the area. It also sees taxes and fees generated from development helping to pay for needed improvements.
The plan is largely predicated on the adjacent Hudson Yards rezoning, where real estate taxes are being diverted to pay for the extension of the 7 train line—a project that both relies on and spurs much of the extant development in the area.
Madison Square Garden perhaps the "World’s Most Famous Arena" is perhaps also one of Manhattan's ugliest buildings. It's owner Cablevision receives $16 million in city tax breaks. It is located above Penn Station one of the busiest passenger transportation facility in the United States and by far the busiest train station in North America.
Relocating Madison Square Garden and beginning the complex process of rebuilding and expanding Penn Station is needed not only to expand much needed transportation infrastructure but to revitalize the surrounding area, creating a new desirable district to live, work and play in, and bring tremendous long-term economic value to the region.
A new Penn Station is the compelling infrastructure and development project of our era – now is the time to make it happen.
related blog posts and links:
- Friends of Moynihan Statiion
- New Penn Station Municipal Arts Society
- Grand Central Terminal
- Hudson Yards -Manhattan's Final Frontier
- Developing Hudson Yards - Manhattan's Final Frontier