[Crawford]

Madison Square Garden wil eventually be demolished, and giant towers will eventually be built.

The site has 6 million square feet of unused air rights.

And I would guess it would happen sooner rather than later. The Garden was going to move back during the economic boom, but that canceled the move in favor of a temporary renovation.

Only problem is that the renovation costs have exploded, and now they're not sure what to do. I would guess they will sell the site, and use the proceeds to finance a new MSG.

And if/when they do sell, everyone knows the buyers. It will be Vornado, which already controls all the surrounding buildings, and had the twin-tower proposal (both taller than the Empire State Building).

I would imagine that something similar will eventually be built on the MSG site.