On February 11, 1968 Madison Square Garden IV opened after the Pennsylvania Railroad tore down Pennsylvania Station (New York City) and continued railway traffic underneath. The new structure was one of the first of its kind to be built above an active railroad system. It was an engineering feat constructed by R.E. McKee of El Paso, Texas.
Public outcry over the demolished Beaux-Arts structure led to the creation of the New York City Landmarks Preservation Commission.
The current Garden is the hub of Madison Square Garden Center in the office and entertainment complex formally addressed as Pennsylvania Plaza and commonly known as "Penn Plaza" for the railroad station atop which the complex is located.
In 1972, the Garden's Chairman, Irving Mitchell Felt, suggested moving the Knicks and the Rangers to what was a proposed venue in the New Jersey Meadows (now completed and known as Meadowlands Sports Complex or Izod Center.) This location now hosts its own NBA team (New Jersey Nets) and from 1981-2007, the NHL's New Jersey Devils. The NFL's New York Giants were the only established New York-named team that actually did move there, and they were later joined by the Jets. Felt's efforts fueled controversy between the Garden and New York City over Real Estate Tax. The scenario again flared in 1980 when a reported threat by the Garden supposed a similar move of popular sports teams in an effort to again challenge property tax. Efforts were ignored by city leaders.
