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Metro

MSG negotiating deal to sell former Hulu Theater for $1B to make way for Penn Station overhaul

By
Patrick Reilly and
Josh Kosman
Published May 17, 2023
Updated May 18, 2023, 6:11 p.m. ET

An Italian private development company is negotiating a $1 billion deal with Madison Square Garden to purchase the venue’s theater and knock it down as part of its proposal to reshape Penn Station, according to a report.

The potential sale of the The Theater at Madison Square Garden and a service road next to the Garden to the ASTM Group was reported late Wednesday by Crain’s New York.

The outlet reported that a deal between the two companies is nearing, but a source told The Post that an agreement is nowhere near close to being inked.

“We have a path forward to deliver our project that fully considers all aspects from property acquisition to construction; financing, and the long-term relationship between the new station building and MSG,” Peter Cipriano, senior vice president for project management at ASTM North America, told Crain’s in an emailed statement.

ASTM pitched a plan in March to renovate Penn Station as a cheaper alternative after a previous $7 billion MTA proposal to overhaul the Midtown transit hub was postponed.

Under ASTM’s plan, the developer would tear down the theater and build a grand new entrance on Eighth Avenue across from the new Moynihan Train Hall. It would also manage the station for 50 years.

MSG
ASTM pitched a plan in March to renovate Penn Station as a cheaper alternative after a previous $7 billion MTA proposal to overhaul the Midtown transit hub was postponed. Getty Images

Janno Lieber, chief executive of the Metropolitan Transportation Authority, told the outlet the cost to demolish the theater and to build a new entrance could cost as much as $2 billion.

The developer would also build a rectangular glass base surrounding the Garden, allowing natural light into the basement of the train station from the west and east.

The Italian redesign would clad Madison Square Garden with a glass base and demolish the Hulu Theater to create a new grand entrance into the transit hub on 8th Avenue
The Italian redesign would clad Madison Square Garden with a glass base and demolish the Hulu Theater to create a new grand entrance into the transit hub on 8th Avenue. Zhenhuan Xu

ASTM said it would renovate the country’s busiest train station with public and private funds.

MSG would not confirm that a deal has been reached.

“As invested members of our community, we are deeply committed to improving Penn Station and the surrounding area, and we continue to collaborate closely with a wide range of stakeholders to advance this shared goal,” MSG told The Post in a statement.

A sweeping of the sweeping 8th Avenue entrance, as illustrated, looking out towards the street.
A sweeping of the 8th Avenue entrance, as illustrated, looks out towards the street. Tomorrow Inc
A rendering of what the new mid-block entrance could look like under the Italian plan
A rendering of what the new mid-block entrance could look like under the Italian plan. Tomorrow Inc

While Lieber has previously expressed skepticism about extravagant proposals to the Manhattan rail hub, he told Crain’s he’s “not against” this plan, emphasizing the dire need for renovations.

“We can’t wait 20, 30-plus years,” Lieber said. “We’ve got to get it done now.”

The subway sign at New York City
The cost of the Italian plan is expected to be less than the other proposed $7 billion, but it’s not yet clear how much it would cost. Getty Images/iStockphoto

Renderings of the ASTM’s plan obtained by The Post in March show the designers also aim to build a new entrance into the complex between Seventh and Eighth Avenues in the space that was once occupied by a cab stand and now sits largely unused. 

This proposal does not currently include the MTA’s planned underground walkway that would finally link Penn Station directly to the nearby Herald Square subway station, which is a major hub for the N/Q/R/W and B/D/F/M lines, a spokesman confirmed.