The owner of New York City’s Madison Square Garden Arena could get paid $500 million through an Italian infrastructure company’s new proposal for rebuilding the Penn Station railway hub lying beneath it and creating a new main hall for the cramped facility.
The development company, ASTM, announced a plan that would involve paying the money to Madison Square Garden owner James Dolan to purchase the Hulu Theater, which is next to the arena, so that it can be demolished to open up space in the cramped Penn Station, a gateway into Manhattan that handles more passengers daily than New York City’s three airports combined, reports Financial Times.
ASTM’s plan calls for creating a new main hall for Penn Station, including a 55-foot-tall ceiling at the facility, which has been a problem for the city since the 1960s, when the original facility was torn down.
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