Moynihan developers struggle to get project back on track

Sign Up for the undefined Newsletter

In an effort to keep alive a multi-billion dollar plan to rebuild Penn Station after the owners of Madison Square Garden backed out in March, developers Vornado Realty Trust and the Related Companies have asked the city and state to back a loan to build a new Madison Square Garden in the farley Post Office across Eighth Avenue. If the state approves the funding, the state and city could be responsible for the $900 million to $1 billion cost of the arena, if the overall Moynihan Station plan fails.

Recommended For You