Year in Real Estate

Hold the MSG: World’s Most Famous Arena Gets 10 Years to Find New Home

Madison Square Garden Renewed

There had been rumblings for years.

Ever since the original Penn Station was demolished to make way for Madison Square Garden in the 1960s, commuters and architecture critics alike bemoaned the cramped subterranean train hub and the unsightly arena perched above it.

Then, like a spark, Michael Kimmelman, The New York Times architecture critic, brought the debate to the fore with a column in February urging the City Council to deny Madison Square Garden’s request to renew its permit to operate in perpetuity. With a request set to begin the Uniform Land Use Review Procedure, it couldn’t have come at a more pivotal moment.

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Development

City Planning Commission Approves Pier 17 Retail Development Plans at South Street Seaport

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The New York City Department of City Planning has approved The Howard Hughes Corporation’s plans to raze South Street Seaport’s Pier 17 and replace it with a two-level glass structure.

The commission agreed to allow the Dallas-based developer to overhaul the existing development with 120,000 square feet of retail and additional open space, including a 10,000-square-foot Read More