02/15/2013 04:47 pm ET Updated Apr 17, 2013

Should Madison Square Garden Be Moved?

MIDTOWN — Madison Square Garden’s bid to permanently renew an expired permit that allows it to operate as a high-capacity arena got the thumbs-down from Manhattan’s Community Board 5 Thursday night.

CB5 instead recommended at its full board meeting to approve a 10-year permit for MSG, giving the community time to develop plans to relocate "The World’s Most Famous Arena." Members want the arena to move in order to give room to expand the overcrowded Penn Station below.

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