Who doesn't love that wacky Dolan family, with their vanity blues bands, reggaeton-flavored digital cable commercials and ill-timed arena renovation announcements? We'll tell you who: the developers involved in Moynihan Station. So, amidst efforts to try and lure Madison Square Garden's owners back into the Moynihan/Penn Station fold, developers Vornado Realty Trust and the Related Companies may be pursuing a new plan of action, the Observer's Eliot Brown reports:
According to multiple people familiar with discussions, the joint venture of the Related Companies and Vornado Realty Trust wants the Port Authority to come in and buy the current Madison Square Garden, along with its hotly desired air rights, a task that would cost somewhere between $1.5 billion and $2 billion. The developers have told officials that this purchase by the public sector, which would be effectively paid back by the developers should the entire project come together, is necessary to right the troubled large-scale plan.No word on whether that $2 billion would be put toward paying out Isiah Thomas's contract.
· The Accidental Ingenuity of James Dolan [NYO]
· First Look at Renovated Madison Square Garden [Curbed]
· As the Moynihan Turns: Dissing the Dolans Now a Sport [Curbed]