Madison Square Garden is open to moving to a new location across Seventh Avenue if a new permit deal can be reached.
The block is now occupied by the Pennsylvania Hotel.
“Well that would probably satisfy us,” said MSG Executive Vice President Joel Fisher. “But ultimately, who’s going to pay for that? Where is the money? That plan hasn’t come to us. But that would satisfy being right on top of a transportation hub.”
The Garden’s 10-year permit to operate the building expires in July, with officials filing an application for a special permit to run the facility in perpetuity.
Redeveloping the new space would likely cost at least $8.5 billion.
Transit advocates contend that relocating the arena would create room for a new Penn Station on the current site.