The $14 billion (GBP7 billion) plan was unveiled by the Empire State Development Corporation on Wednesday (24Oct07), and, if approved, Madison Square Garden will be knocked down and then rebuilt two blocks away.
The arena will need to be demolished so that plans to revamp Penn Station and convert the nearby General Post Office building into another train station can be achieved. [Wikipedia reports also that "As of September 2007, the Garden's current owner, Cablevision, has plans to build a fifth Garden. If the project moves forward, a new Garden would be built at the western end of the James Farley Post Office/ Farley Annex, on 33rd Street and Ninth Avenue across the street, which is also eyed for a western expansion of Pennsylvania Station."] - more on this story
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