Roth pushes to scrap MSG rehab, move arena across the street

May 27, 2010 09:30AM

Madison Square Garden

Madison Square Garden, currently at the beginning stages of an $850 million renovation, would move one block west under a revived proposal by Vornado Realty Trust’s Steven Roth that is gaining traction amongst arena and city officials, the New York Times reported. MSG’s 5,600-square-foot theater is slated to close temporarily at the end of June for the first stage of construction. Roth, who controls much of the area, including 1 Penn Plaza and the Hotel Pennsylvania, reportedly told officials that the renovation would be more expensive and disruptive than building a new arena altogether. Furthermore, he contended, it won’t hold a candle to Brooklyn’s planned Barclays Center for the Nets even when the job is done. Roth’s plans call for MSG to move into the James A. Farley Post Office across the street, which would also become part of an expanded transit hub called Moynihan Station. The current arena would be demolished and rebuilt as a retail mall. [NYT]