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Fly News Breaks for October 21, 2016
MSG
Oct 21, 2016 | 08:08 EDT
BTIG analyst Brandon Ross said his examination of Governor Cuomo's plan for the renovation of Penn Station gives him increased confidence that Madison Square Garden can leverage the event to unlock value. Ross sees a "high likelihood" that the project may allow MSG to nearly double its developable air rights to as much as 4.8M sq. ft., increasing its unused air rights to 3.7M from 1.4M sq. ft. The analyst, who also thinks MSG could sell or trade the Theater at Madison Square Garden to New York State, keeps a Buy rating on the stock.
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