<div class="quote_poster">Quote:</div><div class="quote_post">The owners of Madison Square Garden, the arena that traces its origins back to P. T. Barnum 131 years ago and became the site of New York City's most famous boxing matches and basketball games, are in talks with two developers to build its fifth incarnation, a block west of its current home atop Pennsylvania Station. If the project moves forward, a new Garden will rise at the western end of the James A. Farley Post Office, according to executives who have been briefed on the negotiations between the Garden and the developers Stephen M. Ross, chairman of Related Companies, and Steven Roth, chairman of Vornado Realty Trust. The Farley Post Office, bordered by Eighth and Ninth Avenues and 31st and 33rd Streets, is being transformed into a grand new transit hub to be called Moynihan Station. The new Garden, which would remain home to the Rangers and the Knicks, would improve on the arena's cramped and inefficient quarters by featuring wide concourses with stores and restaurants, luxury boxes with better sight lines for basketball and hockey games, a museum and a hall of fame. Like the three prior incarnations of the Garden, the existing arena, which sits like a giant doughnut amid the Penn Plaza office complex between Seventh and Eighth Avenues, would be demolished. It would be replaced by skyscrapers containing a mix of luxury apartments, office space and stores. Mr. Roth, who owns many of the office buildings and stores surrounding the Garden, and Mr. Ross, the most active developer in the city, were selected in July to turn the Farley Post Office into a $930 million train and subway gateway to the city. The hub would be an extension of Penn Station, which lies below the Garden.</div> New York Times
