MSG Project Possibly Stalled

The softening economy and real estate market may have claimed another victim: Madison Square Garden.

The state of New York could table its plans to move the Big Apple venue in a $14 billion effort to transform Pennsylvania Station, the world’s busiest rail hub, located below MSG. The project includes skyscrapers on the Garden’s current location, with the venue and a new train station built on the site of the nearby Farley Post Office.

Dubbed Moynihan Station, the project has a $3 billion price tag, up from $1 billion. Civic groups, government officials and the Garden are squabbling over the details, according to the New York Times, and the current economic climate isn’t helping. The project is viewed by many as an opportunity to revitalize the district and proponents hope Gov. Eliot Spitzer will find a way to keep the project alive.

However, MSG recently announced plans to refurbish its 30-year-old interior, reportedly out of frustration at the lack of movement and as a way to motivate government officials to speed the process.

"It’s a critical investment for Midtown," Spitzer told the Times. "This, in conjunction with Hudson Yards, where we have taken a vacant piece of land and now have five competing bids to add 12 million square feet of commercial and residential space, will redefine Midtown Manhattan."