Madison Square Garden Renovations (Part V)
View Single Post
06-20-2013, 10:01 AM
Join Date: Jan 2013
Originally Posted by
There were all kinds of articles this morning about the city council session talking about moving the Garden in 15 years to revamp and expand Penn Station... Lots of Knicks players and Spike Lee spoke in favor of keeping the Garden in the current location.
We could be fifteen years away from a battle to keep the Rangers in Manhattan. I can't see the issue ending well with Dolan at the top...
Never gonna happen. Many want it to, because they still cry over the loss of old Penn Station, but in reality, putting a shiny new head-house on Penn Station is like throwing money onto a bon-fire.
An expansion of Penn Station begins with additional tracks / tunnels under the East and Hudson Rivers. Capacity is currently dictated by the amount of trains that they can move in and out of Penn, and the number of platforms that trains can idle at to discharge and take on passengers.
When Penn Station was "remodeled" in the mid-late 60's, not one track was removed after all was said and done, and no more than one track was ever closed when they put the pilings in to hold up 2 Penn and the Garden. If Old Penn was never taken down, they'd still be complaining about capacity.
Tunnels come first, platforms second, then worry about the head house.
Now, with regards to the Garden. It is private property. What do you value that property at? 2 billion? More? How long will it take CV to amortize their renovation? 20 or 30 years? You'd need to compensate Cablevision for their property before you even consider moving them. Then you'd need to tear it down and prepare it for redevelopment. You'd spend 5 billion just acquiring the property and preparing it. Now you need to build your new head house. You will also need to find another two city blocks on which to locate a new Garden. Where do you find it? and better yet, how do you pay for it? Government is broke.
It's a pipe dream, and a big smoke screen to appeal to a fragment of voters. It's not a smart financial venture. It would be a money pit.
View Public Profile
Find More Posts by dstoffa