Towers to replace old Madison Square Garden

More details have emerged on the impending move of Madison Square Garden one block to the west. A nonbinding memorandum of understanding was reportedly signed several weeks ago between Garden owner Cablevision and Vornado Realty Trust and the Related Companies to build a fresh arena after the current one is demolished. In place of the current one will be more than $3 billion in office towers and retail, plus a train station. more [WSJ]