The Four Lives and Three Deaths of Madison Square Garden

The Four Lives and

Three Deaths of

Madison Square Garden

BCB Property Management

Far from Madison Avenue, it isneither square nor inclusive ofanything resembling a garden.

It is an iconic New York City landmarkand one of New York City’s most

fruitful revenue generators

It’s also the fourth iteration of its kind.

The current Madison SquareGarden is located at 7th Avenuebetween 31st and 33rd streets,.

It opened as a by-product ofthe demolition of the original

Pennsylvania Station’sabove-ground hub.

Irving M. Felt purchased the air rightsfrom the Pennsylvania Railroad andbuilt Madison IV: a venue that would

outlast its predecessors.

The new structure was uniquebecause it was one of the firstbuildings to be built above an

active railroad station.

Madison Square Garden is located in thesports and entertainment building

formally known as the Pennsylvania Plaza.

The new building was builtaround its core cash cows: Circus

and talent acts, the New YorkRangers, and Knicks basketball.

Yet, the space still earns revenue hostingone-off events of all types, from

Democratic and Republican conventionsto the Pope’s inductee ceremony.

And so, between 1968 and todayMadison Square Garden has

persisted, and has garnered the titleof “World’s Most Famous Arena.”

Currently, Madison Square Gardenhosts roughly 320 events a year and

saw $1.62B of revenue in 2015.

The institution has endured an array ofmakeovers and reconstructions, housed an

entire history of events, and switchedhands in ownership again and again.

That’s certainly a storied history; one that’sseen generations of people joined by

music, laughter, team spirit and applause.

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