the four lives and three deaths of madison square garden
TRANSCRIPT
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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