July 24, 1961 - A new Madison Square Garden will be built on top of Pennsylvania Station as part of a $50 million complex that will include sports arenas, offices, restaurants, convention halls and a hotel. The new Garden is scheduled to be completed by the time the World's Fair opens in 1964. The present Garden (pictured) - the "house that Tex Rickard built" - is a 35-year-old structure on Eighth Avenue between 49th and 50th Streets. It will continue to operate until the new center is completed. No decision has been made on what will be done with the sports arena on Eighth Avenue, but it is expected that the building will be torn down and replaced by an apartment house or office building.