Quote:
Originally Posted by BBMW
Penn Station, in anything even vaguely resembling it's original incarnation, will never be rebuilt. Why? The Madison Square Garden Corporation owns the land on which the Garden sits. Even if the city won't renew it's operation permit, if forced, the company will tear down MSG, and build an office tower to replace it. Under no circumstances will they give up the property voluntarily. And if the city wanted to take it by eminent domain, they'd have to pay MSG it's fair market value, given it's development potential. The city isn't going to come up with that money.
A little old, but topical:
http://ny.curbed.com/2013/5/13/10244...forced-to-move |
"MSG owns the land and the building, where it has been operating for 45 years as a sports and entertainment complex."
Huh, is this true? How did I not know this? If they own the land, why do they need to keep renewing their permit from the city to operate?