Madison Square Garden, one of the nation's most famous arenas, may be torn down and replaced by a new facility with luxury suites.
A decision on the current building, which was renovated for more than $200 million less than a decade ago, is expected by the end of this year.
"We think New York, being the No. 1 sports market in the U.S., deserves to have the very best in terms of an arena," said James Dolan, the head of Cablevision and chairman of Madison Square Garden. Cablevision owns the Knicks and Rangers.
"It has been the best, but it's beginning to age," Dolan said. "We want to explore all the possibilities, but I do think we're going to end up with a new Garden."
The current Garden opened in 1968; a two-and-a-half year renovation was completed in 1991. The Garden has been at three other buildings in three locations since it first opened in 1879.
The new building could go up on the current site above Penn Station, or at a new site closer to the Hudson River on Manhattan's West Side.
The Garden is the nation's busiest sports arena. Last year, it hosted more than 600 events from the Knicks and the Rangers to concerts and the circus.
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