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As the Moynihan Turns: Related & Vornado Trying to Lure MSG

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In today's installment of the Moynihan Station saga, Vornado Realty Trust and the Related Companies ask the state for a loan to build a new Madison Square Garden in the Farley Post Office. Will Garden Chairman Jim Dolan be interested or play hard to get? The Real Estate reports that the option is one of several the state is considering for the on again, off again (etc.) project. In this case, the state and the city could end up footing the $900M-$1B cost of the arena if the bigger project doesn't happen. Of course, regular viewers of the Moynihan series will recall the deal pretty much fell apart already when the Garden announced a $500M renovation of the existing arena. So Vornado and Related are now proposing that the arena go first and the state and city assume the financial risk if the bigger plan stall. At last report, Dolan was said to be uninterested. Stay tuned for tomorrow's developments.
· Vornado, Related Try to Lure Garden Back to Moynihan Station Table [TRE]
· Moynihan Station Deathblow: MSG Pulls Out of Plan? [Curbed]