Madison Square Garden to Move Locations in 10 Years for New Penn Station

After over a billion dollars were spent on renovating Madison Square Garden, the World's Most Famous Arena will only have 10 years at its current location.

The New York City Council held a vote on Wednesday to try and limit the building's lease over Penn Station to 10 years. The council voted 47 - 1 in favor of moving the Garden to a new location to make way for an improved Penn Station.

"Madison Square Garden will have to move, and I think this permit sends the message that that work needs to begin now," City Council Speaker Christine Quinn said to the Daily News. "We need to make sure Penn Station becomes what we need it to be, a really 21st century grand entrance into the greatest city in the world, not ... what Sen. [Daniel] Moynihan or others historically described as a bunch of rat tunnels that lead people in and out of the city every day."

The vote enables the council to move forward with the plans without having to go through Mayor Bloomberg.

Madison Square Garden is the home to some of New York's greatest sports moments housing, both the Knicks and the Rangers, as well as many college basketball games.

"Madison Square Garden has operated at its current site for generations, and has been proud to bring New Yorkers some of the greatest and most iconic moments in sports and entertainment," the company said in a statement on Wednesday. "We now look forward to the reopening of the arena in fall 2013, following the completion of our historic, three-year, nearly billion-dollar transformation, which will ensure our future is as bright as our celebrated past."

The Garden has been operating at its current location since 1968.