Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Garden Could Lose Its Tax Exempt Status
By
tien mao
Published Jan 7, 2008
Modified Mar 7, 2008
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
tien mao
Published Jan 7, 2008
Modified Mar 7, 2008
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
You would think things couldn't get worse for Jim Dolan. After all, the Knicks stink and it seems like Isiah Thomas isn't going anywhere quick (perhaps due to Dolan's own doing). But the City Council started to look into Madison Square Garden's $11 million/year property tax exemption today. David Weprin of Queens sponsored the resolution opposing the exemption saying that "It's very unusual that you have a profitable institution like Madison Square Garden that's been profitable for quite a few years to have an exemption." If the resolution is approved by the City Council, the state legislature (and Assembly speaker Sheldon Silver) would also have to approve the change in status.
Garden officials questioned the motives of Council Speaker Christine Quinn saying that MSG's exemption "pales in comparison to the more than a billion dollars in benefits recently granted to all other pro sports teams in New York City." They compiled figures that the Yankees, Mets, and Nets stadium/arena deals amount to $1.4 billion in government subsidies and $230 million in property tax exemptions over 40 years. The arena's property tax exemption was also questioned by Mayor Bloomberg back when Cablevision/MSG rallied against a proposed West Side stadium for the Jets. In that clash, Speaker Silver proved to be a big MSG ally against any stadium for the Jets.
The "World's Most Famous Arena" has been exempt from real estate taxes since 1982 when the former owner threatened to move the Knicks and Rangers across the Hudson River. Perhaps if Dolan and The Garden does lose the exemption, Dolan would care more about the empty seats at the arena and bitter Knicks fans or maybe he'll threaten to move his teams to New Jersey like their previous owners.
Photo of Madison Square Garden by wallyg on flickr
Tagged
bloomberg
christine quinn
city
City Council
Council Speaker Christine Quinn
david
david weprin
hudson river
isiah thomas
jets
jim dolan
knicks
madison square
madison square garden
mayor
mayor bloomberg
mets
msg
nets
new jersey
new york
new york city
queens
rangers
real estate
sheldon silver
speaker silver
sports
the garden
west side
Yankees
tien mao
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Mamdani will clear 10,000 families off waitlist for low-cost childcare
More than 16,000 families are on a waitlist for subsidized childcare after the program ran out of money.
By
Karen Yi
Published Oct 5, 2026 at 8:00 a.m. ET
In wake of Legionnaires' outbreaks, a debate over NYC's water and industry influence
An advocacy group backed by cooling tower companies wants the city to filter all the city’s drinking water. Some experts say it would be a waste of money.
By
Joe Hong
News
In wake of Legionnaires' outbreaks, a debate over NYC's water and industry influence
An advocacy group backed by cooling tower companies wants the city to filter all the city’s drinking water. Some experts say it would be a waste of money.
By
Joe Hong
New York state stockpiled abortion pills. Now they're all expired.
By
Jon Campbell
and
David Lombardo
NYC Council hearing to put AI risks in the spotlight
By
Carol Chen
A sixth person dies after falling ill in NYPD custody this year
By
Ryan Kost
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .