Sunday, December 2, 2007

MSG's good thing may end

Madison Square Garden, the crown jewel of sports arenas around the world, has gotten a tax break worth nearly $300 million over the past 25 years — and the battle is on to try to end it.

The Garden, now part of the Cablevision empire, hasn't paid a dime in property taxes since 1982 in what has become the biggest, longest-running tax break for a commercial property in the city.

If the Garden lost its tax break, the windfall in annual revenue, now about $11 million a year, could make the city safer, smarter, cleaner and healthier each year, a Daily News analysis found.


Tax break for Madison Square Garden costs the city more than money

3 comments:

Anonymous said...

Tearing down Penn Station to build this
outdated looking eyesore was NYC's first mistake.

Giving MSG tax freebies was its second.

Let's tear this building down
and replace it with something more useful
and architecturally pleasing !

The Knicks can move to Jersey!

kingofnycabbies said...

Regardless of the origins of the current, fourth MSG (first two at 26th and Madison, now New York Life; third one at 50th and 8th, now Worldwide Plaza), an arena is an absolute necessity for Manhattan. By contemporary standards, the facility--40 next year--is extremely outdated, and a new one is past due.

The problem, of course, is that to have the current owners, Cablevision, do so will require--wait for it--major tax breaks to get the job done. And while I am always opposed to this corporate free lunch, that's today's reality.

Also, this idea that New York would have used all MSG's tax arrears in only the most enlightened, progressive ways possible is absurd. Under Mayor McChee$e, it would probably have gone to hiring little Doctoroffs, who could spend their days crafting even more ways to whore the city out to craven developers.

salome said...

they'll build a new one ! same deal all 'round.
taxpayers expense as usual.
we can't afford to even enter the door,but we paid/continue to pay forever.