Legendary New York rock venue Madison Square Garden is facing demolition if a new development plan gets the go ahead. The $14 billion plan was unveiled by the Empire State Development Corporation on this week, and, if approved, Madison Square Garden will be knocked down and then rebuilt two blocks away.

The arena will need to be demolished so that plans to revamp Penn Station and convert the nearby General Post Office building into another train station can be achieved. If the plan is given the go ahead, the new Madison Square Garden will open in 2011. Acts including Led Zeppelin, Bruce Springsteen, Madonna, The Rolling Stones, The Who and Elvis Presley have recorded live albums at the venue.