Relocating Madison Square Garden for the planned Penn Station redevelopment could turn into a $5 billion endeavor, the Commercial Observer reports, based on a study conducted by NYU's Rudin Center for Transportation Policy & Management.
One of the locations under consideration was the Morgan Annex of the United States Post Office located between Ninth and Tenth Avenues from West 28th to West 30th Streets. However, purchasing that lot could cost up to $800 million, and building a new MSG there could cost as much as $1.6 billion.
Not to mention demolishing the existing building would cost at least $65 million. Those in favor of a new Penn Station want it to resemble the one that was demolished in the 1960s, and MSG would have to be moved in order to achieve that. The cost of that redevelopment stands at $3 billion, according to a proposal put forth by Governor Andrew Cuomo.
The stadium's special permit was most recently renewed in 2013 for a 10 year period in hopes that MSG would relocate when it expired, according to the Commercial Observer.
The astronomical cost is just the start of the headache however. A relocation would also lead to traffic congestion problems and take several years. The planned redevelopment so far also calls for the demolition of the 5,600 theater at Madison Square Garden to allow for a larger entrance and more light into the train terminal. That demolition and subsequent relocation will also cost upwards of $1 billion.
- MSG Move Would Be a $5B Nightmare Dressed Like a Daydream: Transit Group [Commercial Observer]
- Penn Station's $3B Renovation Plans, Revealed! [Curbed]