Thank you, Consolidated Edison of New York.
The Madison Square Garden Complex, located between 31st and 33rd Streets and Seventh and Eighth Avenues on Manhattan’s West Side, seats up to 21,000 spectators and contains roughly 1,100,000 square feet of floor space over 11 levels.
Home to the New York Knicks and the Rangers, the Garden hosts hundreds of events and millions of visitors every year. In 2009, Billboard Magazine ranked The Garden the number one venue of the decade in its respective class based upon gross ticket sales.
While there are admittedly many factors affecting Madison Square Garden’s economic performance, at least one of them is that it Con Edison’s customers have paid a big part of the Garden’s annual electric bill for the past three decades.
In 1982, New York State passed legislation that providing MSG with property tax relief and a discount on its electric bill from Con Edison to prevent the Knicks and Rangers franchises from leaving New York City.
Last year, Con Edison said it would discontinue the “rate discount that has applied uniquely to MSG since 1982, the cost of which has been paid for by the rest of Con Edison’s customers,” according to regulatory filings.
In my opinion, the Big Apple will be a better place if MSG loses.