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Deadspin: MSG has ten years at its current location

Deadspin is reporting that MSG has ten more years at its current location, and then it will likely need to find a new place to call home. MSG’s 50-year permit expired this past year, and MSG was lobbying to extend that permit. While the initial pitch was for a permanent lease on the area, the City Council voted last night, per Deadspin, to limit the new permit to ten years. The vote wasn’t even close, with the City Council voting 47-1 to limit the lease to that duration.

The timing couldn’t be worse, as James Dolan just dropped a cool $1 billion of his own money renovating the new MSG. It won’t be difficult for Dolan to make a profit off that investment, especially because it was $1 billion over three years. MSG will make that back in no time. What it does mean is that MSG will have a new home in ten years, and that the city’s plan to have a new Penn Station will finally come to fruition.

5 Responses to “Deadspin: MSG has ten years at its current location”

  1. Josh says:

    I dont know about all of this.

    First off- I assume MSG can reapply to stay in the location once the 10 years is up.

    2- What money is NYC using to re-do Penn Station? Were talking about probably one of the most expensive construction projects in NYC ever. The amount of craziness that comes from closing parts of penn station, parts of 7th/8th avenue, there is no chance MSG is moving.

    The city wants more money period. No chance MSG moves in my view.

    • Centerman21 says:

      Except that there are a few NYC politicians that want MSG out of there. There’s 47 of them that feel it could happen in the next ten. There is a chance MSG moves. By that time the NYC economy could be booming too. Who knows. That’s probably why those politicians feel 10 years is enough. I can’t see MSG moving anywhere else either and by that time there may not be anywhere for it to go. Not in NYC anyway. Imagine MSG in the Bronx? They could be going uptown.

  2. bill_goldthorpe says:

    they dropped $1B into this project and they need to create the return within the next 10 years AND need to find financing for a brand spanking new arena. this is an INCREDIBLE miscalculation by Dolan. don’t understate this one.

  3. Walt says:

    With the expense of the renewal ot MSG, $1B, you know that Dolan will be pissed if he is forced to move. I think Josh was right, the city is putting the squeez on Dolan’s gonads for more money.

  4. Spozo says:

    The political and financial outlook of NYC can change a lot in 10 years.