Ron Hershco on Madison Square Garden Losing their Lease

Madison Square Garden

Late last month, when reviewing the lease of Madison Square Garden, the Department of City Planning recommended that its commissioners grant the Madison Square Garden Company a limited 15-year renewal. This means MSG will most likely be leaving the neighborhood in 2029.

The Huffington Post  highlights the current predicament MSG is in:

The Madison Square Company had sought an unlimited extension for The World’s Most Famous Arena, which had been operating under a temporary certificate of occupancy since its 50-year permit expired in December.

Local leaders and community groups, by contrast, had advocated for a 10-year cap, which they said would help force the arena to relocate and make way for an expansion of Penn Station, the busiest and one of the most overcrowded transit hubs in the country. City Planning ultimately tried to find middle ground, Planning Commissioner Amanda Burden said Wednesday.

“The special permit term limit we are approving today recognizes that Madison Square Garden occupies a unique location on top of a major transit hub,” Burden explained, adding that the vote was unanimous.

The City Council has 50 days to vote on City Planning’s decisions, a City Planning spokeswoman said. If it does not, the measures will automatically go into effect.

The Madison Square Garden Company said it was “extremely disappointed” in Wednesday’s outcome.”

Do you think MSG should move from its current home? If so, where should it move to?

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