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MANHATTAN (PIX11) — It’s known as the World’s Most Famous Arena, and Mayor Eric Adams is open to the idea of relocating Madison Square Garden.

Adams is the source that sparked the idea of moving the arena. MSG hosts two professional sports teams and has been headlined by legends in entertainment. But with lawmakers and advocates of Penn Station’s redevelopment on board, the question remains, what about the owner of the arena, James Dolan?

“I think that area is right for housing. It’s right for real investment, and if that fits into MSG moving to another location, maybe it will help the Knicks win,” Adams joked. “But we should be willing to speak with Mr. Dolan and see how it fits into the overall scheme.”

He believes the key is to balance housing and commercial space next to a fantastic transportation hub.

Adams’ comments echo state Sen. Brad Hoylman, who has repeatedly called for MSG to be moved. He claims that lawmakers finally have the upper hand with contracts about to expire.

“They haven’t paid property taxes in 40 years, saving over $800 million, and they are the beneficiary of a special permit at the City Council level, too,” said the senator. “The city and state have leverage in convincing MSG to move to a new location to open up Penn Station for the millions of commuters that use that station every day.”

Moving MSG, according to the Grand Penn Community Alliance, is the best way to bring Penn Station into the 21st Century.

“The original station is still under MSG. When MSG moves, it’s a whole new ball game,” said the Executive Director of the Grand Penn Community Alliance, Alexandros Washburn. “The Garden is, I think, the oldest arena in the NBA and I think NHL, so it’s time to renew it.”

Madison Square Garden owner James Dolan has repeatedly stated his desire to remain in the city. MSG did not respond to PIX11’s calls or emails seeking comment. The City Council permit for MSG to remain at the location expires on July 31, 2023.