Relocating MSG would cost $5B: Think tank

Advocates have pushed for the move as part of the Penn Station redevelopment

New York /
Apr.April 26, 2016 10:42 AM

Moving Madison Square Garden a few blocks away to make for the redeveloped, above-ground Penn Station may seem romantic, but it’ll also be very, very costly, according to new research.

The price tag for relocating the 1960s-era arena would run as high as $5 billion, according to a study by the Rudin Center for Transportation Policy and Management, the Commercial Observer reported.

The report also cited the long timeframe and logistical headaches involved in any move. Advocates of the idea “are pursuing a dream that is unlikely to ever be fulfilled,” the Center’s Mitchell Moss told the Observer. The notion of an above-ground Penn Station, he told the publication, “is another example of architects run wild.”

In 2013, the New York City Council renewed the Garden’s special permit – similar to a lease – for only 10 years, to allow for the possibility that it be relocated.

Requests for proposals to redevelop Penn Station, the James A. Farley Post Office or both together were due on Friday.

At least 10 developers were reportedly interested in bidding on the project, including Extell Development, Silverstein Properties, Tishman Speyer, JDS Development Group and Brookfield Property Partners, along with Vornado Realty Trust and Related Companies, whom Gov. Andrew Cuomo removed from the project in January, after years of foot-dragging.

Cuomo announced a $3 billion plan to redevelop the area that month, with design-build work expected to be completed within three years. [CO]Ariel Stulberg


Related Articles

arrow_forward_ios
Hochul vows to work with mayor, punts on Penn Station details
Hochul vows to work with mayor, punts on Penn Station details
Hochul vows to work with mayor, punts on Penn Station details
Andrew Cuomo with the Port Authority Bus Terminal, Penn Station, and AirTrain JFK (Getty, ajay_suresh via Flickr, Ad Meskens/Wikimedia)
Three key Cuomo projects now on Kathy Hochul’s plate
Three key Cuomo projects now on Kathy Hochul’s plate
Governor Kathy Hochul (Getty, iStock)
Kathy Hochul faces tough decisions on real estate
Kathy Hochul faces tough decisions on real estate
New York State Senator Brad Hoylman is sponsoring the bill opposing Andrew Cuomo. (Facebook via Hoylman, NY Governor's office)
State bill would give NYC control of Cuomo’s Penn Station plan
State bill would give NYC control of Cuomo’s Penn Station plan
Photo illustration of Vornado CEO Steven Roth and Hotel Pennsylvania at 401 Seventh Avenue (Getty, iStock, Vornado)
“Inevitable”: Vornado will demolish Hotel Pennsylvania
“Inevitable”: Vornado will demolish Hotel Pennsylvania
Gov. Andrew Cuomo (Getty, iStock)
Cuomo’s $1.3B for Penn Station work can’t go to towers
Cuomo’s $1.3B for Penn Station work can’t go to towers
Gov. Andrew Cuomo and an aerial view of the Empire Station Complex site (Getty, Empire State Development)
Towers planned around Penn Station face backlash
Towers planned around Penn Station face backlash
Madison Square Garden with New York City Council members Alicka Ampry-Samuel (top), Justin Brannan (right) and Keith Powers (bottom) (iStock; New York City Council)
Madison Square Garden donates to City Council candidates
Madison Square Garden donates to City Council candidates
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...