The Dolan family, which owns Madison Square Garden, has the drawn the ire of supporters of the plan to move the arena so that Penn Station could be transformed into Moynihan Station. That plan looks all but dead after the Dolans announced yesterday that they will proceed with a renovation of their reviled 1968 arena, which infamously replaced the original Penn Station. City Council President Christine Quinn hinted that the city’s approval of the Garden’s renovation might not be granted.
The joint venture between the Related Companies and Vornado, which would have partnered with the Garden on building a new arena, says it remains “committed” to the project. Related and Vornado want to fill the area with new office towers, and had offered to $550 million for the new Penn Station, which would have cost almost $3 billion. The city and state only planned to contribute $300 million, with the rest expected to come from the federal government.