Steven Roth, the head of Vornado Realty Trust, was reported "by several people who have been briefed on the discussions" to be "quietly trying to revive a plan to move Madison Square Garden one block west of its current home atop Pennsylvania Station," according to an article by Charles V. Bagli on Page A26 in today's edition of The New York Times.
The garden has recently launched a $850 million renovation program and its executives "insist they are moving full speed ahead on their renovation," having "moved their television network to 11 Penn Plaza last week for the first stage of preparation and will temporary close the Garden's 5,600-seat theater at the end of June." the article said.
"According to several people who have been briefed on the discussions," it continued, "Mr. Roth, chairman of Vornado Realty Trust, has in recent weeks talked to Hank J. Ratner, the Garden's president, and James L. Dolan, whose family controls the arena, as well as top officials at City Hall, who are intrigued by the idea."
Barry Watkins, a spokesman for the Garden, told The Times that "The process to transform M.S.G. is well under way, and any other option that may or may not be available is not being considered, period."
The article said that officials and real estate executives familiar with the proposal maintain that "the developer's pitch to Mr. Dolan and Mr. Ratner went something like this: The renovation of the 42-year-old arena could be more expensive and more disruptive for the Knicks, the Rangers and the Liberty than anticipated. And in the end, the site would still inferior to the new arena for the Nets that is under construction in Brooklyn,
According to the article, Mr. Roth has now scrapped the notion of a special zoning district and would like to see the arena razed to make way for a huge retail mall and improvements to the train halls and corridors below.
"Mr. Roth is motivated by both his investment in the neighborhood and a desire to enliven the planned renovation of the pos office. He and his partner, Stephen Ross, of the Related Companies, are renegotiating their 2005 deal with the state to turn the post office into Moynihan Station. Mr. Roth has also been championing tearing gown the Hotel Pennsylvania which was designed by McKim Mead & White who also designed the greatly lamented Pennsylvania Station and Mr. Roth has declared nothing about his long range plans for he low-rise retail stores that occupied the major corner one block to the north.
The garden has recently launched a $850 million renovation program and its executives "insist they are moving full speed ahead on their renovation," having "moved their television network to 11 Penn Plaza last week for the first stage of preparation and will temporary close the Garden's 5,600-seat theater at the end of June." the article said.
"According to several people who have been briefed on the discussions," it continued, "Mr. Roth, chairman of Vornado Realty Trust, has in recent weeks talked to Hank J. Ratner, the Garden's president, and James L. Dolan, whose family controls the arena, as well as top officials at City Hall, who are intrigued by the idea."
Barry Watkins, a spokesman for the Garden, told The Times that "The process to transform M.S.G. is well under way, and any other option that may or may not be available is not being considered, period."
The article said that officials and real estate executives familiar with the proposal maintain that "the developer's pitch to Mr. Dolan and Mr. Ratner went something like this: The renovation of the 42-year-old arena could be more expensive and more disruptive for the Knicks, the Rangers and the Liberty than anticipated. And in the end, the site would still inferior to the new arena for the Nets that is under construction in Brooklyn,
According to the article, Mr. Roth has now scrapped the notion of a special zoning district and would like to see the arena razed to make way for a huge retail mall and improvements to the train halls and corridors below.
"Mr. Roth is motivated by both his investment in the neighborhood and a desire to enliven the planned renovation of the pos office. He and his partner, Stephen Ross, of the Related Companies, are renegotiating their 2005 deal with the state to turn the post office into Moynihan Station. Mr. Roth has also been championing tearing gown the Hotel Pennsylvania which was designed by McKim Mead & White who also designed the greatly lamented Pennsylvania Station and Mr. Roth has declared nothing about his long range plans for he low-rise retail stores that occupied the major corner one block to the north.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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