Madison Square Garden to be demolished in 10 years

The city council of New York has given Madison Square Garden 10 years to vacate the premises so it can be demolished for the re-development of Penn Station.

The Madison Square Garden Company's 50-year permit to operate the arena expired earlier this year, and in spite of their hard lobbying to renew in perpetuity the city has granted a short 10-year extension to their initial permit.

“This is the first step in finding a new home for Madison Square Garden and building a new Penn Station that is as great as New York and suitable for the 21st century. This is an opportunity to reimagine and redevelop Penn Station as a world-class transportation destination,” said City Council speaker Christine Quinn.

On Wednesday New York's City council voted 47-1 for the eviction of the arena. Previously the local community board voted 36-0. A zoning subcommittee voted 7-0 and the Committee on Land Use voted 18-1 on the same issue.

News of the eviction come at a bad time for MSG as the arena is currently undergoing a $1 billion renovation that is expected to be completed in the coming months.

In 1963 the old Penn Station was demolished for the construction of the Madison Square Garden arena. Even since, the city of New York has mourned the loss of one of its staple edifications. When MSG's contract is up again in 2013, the company will be allowed have to re-apply for another extension on their permit.