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.