Madison Square Garden has been on the move since its inception in 1879 as a 10,000-square-foot boxing, bike racing, and ice hockey venue in an old railroad depot at Madison Avenue and 26th Street. The facility later moved into an ornate Moorish-style building designed by famed Stanford White, architect of the Penn Station, which the arena notoriously replaced at its fourth and current home on 33rd Street in Midtown (after a brief stop on 50th Street). Now, if community boards, civic and planning groups, and Manhattan Borough President Scott Stringer get their way, the venue will be sent packing once again.
It has been a rough year for Madison Square Garden. First, upstaged by the arrival of the brand new Barclays Center, and now, the Penn-station-topping arena faces an uphill battle to renew a permit that allows it to function as a sports venue after Manhattan’s Community Board 5 voted down the extension request.
For months rumors have swirled that developer Madison Square Garden Co. (MSG) would buy the midcentury modern LA Forum arena in Inglewood, former home of the LA Lakers and LA Kings. (Its architect, Charles Luckman, also designed Madison Square Garden.) That deal is now official, according to Crain’s New York, who said the company just paid $23 million for the property. MSG will begin a “comprehensive renovation” of the arena later this year, and details of that job will be released this fall. The company is currently working on an $850 million renovation of Madison Square Garden, itself a taxing job that is set to be done by next year.
The three year cycle of summertime renovations at Madison Square Garden is starting to eat away at its bottom line. The renovation schedule has prevented some big name events booking the arena, resulting in 39 percent drop in earning for the second quarter. At a cost of nearly $850 million (up from initial projections of around $500 mil), renovations won’t be done until 2013. Work that began this past April at the end of the Knicks’ season involved refurbishing the lower seating bowl will wrap up in October. Future work will redo the upper seating bowl and add bridges above the arena’s ceiling. [Deadline via Real Deal]