Case Study

Madison Square Garden Entertainment

PROJECT SUMMARY:

2 Penn Plaza, New York City, NY 250K RSF 36-month project timeline

NEWMARK SERVICES:

Project Management

Newmark managed a complex interior construction program for Madison Square Garden Entertainment, delivering high-quality results while maintaining budget, schedule and operational continuity.

Situation

Madison Square Garden Entertainment hired Newmark to oversee an extensive interior construction project at 2 Penn Plaza in New York City. The work required careful coordination within an active building while MSG operations continued in place.

The project carried a highly constrained budget set by the Chairman, making cost control a critical priority from the outset. At the same time, the construction work needed to minimize disruption for MSG teams occupying the building.

Newmark implemented a disciplined project management approach with weekly budget reviews, annual cash outlay forecasts and a phased construction plan designed to limit noise and disruption. The team also coordinated closely with the landlord as broader façade and infrastructure upgrades were underway across the building.

Outcome

Newmark delivered the project significantly under budget while maintaining schedule discipline across both phases. Phase 1 was completed on schedule by May 2024, and Phase 2 was completed by August 2024 within the overall 36-month timeline. Proactive coordination and execution oversight also helped avoid contractor disputes throughout the engagement.