Billy Joel is the arena's first "musical franchise," with monthly concerts already planned through May.
The new space features a bridge suspended over the upper-level seats and new video screens.
The city has been deprived of more than $350 million in revenue over 31 years, officials said.
The vote marked a resounding defeat for Madison Square Garden.
Community groups applauded the decision, which they said could spur Madison Square Garden to relocate.
The World's Most Famous Arena has not paid up to $16 million in annual taxes for 31 years.
The public advocate and mayoral candidate has joined labor unions' opposition to MSG exec. James Dolan.
The Knicks won't match the Rockets' offer to Jeremy Lin, according to a published report.
Time Warner Cable will start showing Knicks games after reaching a deal with the MSG Network.
The Knicks rolled out the red carpet for powerhouse center Tyson Chandler at their practice facility.
Despite GM Donnie Walsh's decision to leave the Knicks, coach Mike D'Antoni isn't worried about his own future.
Donnie Walsh has stepped down as president of the Knicks, the team announced Friday.
With the Nets breathing down their neck, the Knicks have reportedly upped their offer to the Nuggets for Carmelo Anthony.
The owners of the Knicks and Nets will duel during All-Star Weekend over a trade for Carmelo Anthony.
Isiah Thomas returns to Madison Square Garden as a consultant.
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