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Madison Square Garden is willing to move the building across the street, still on Seventh Avenue.
The space is currently occupied by the Pennsylvania Hotel.
“It’s a solution we would like to have,” said MSH executive vice president Joel Fisher. “But who will pay? Where’s the money? No plans have been submitted to us at the moment. But it would be great for us to be right above a public transport hub.”
Garden’s ten-year permit to manage the palace expires in July. But officials have made a special request to run the palace forever.
Creating a new building would cost at least $8.5 billion.
Moving the building would also allow the City of New York to create a new Penn Station.
To report the news the New York Daily News.