The Commission was created in April 1965 by Mayor Robert F. Wagner, Jr. following the destruction of Pennsylvania Station the previous year to make way for the construction of the current Madison Square Garden.
Komisjon asutati aprillis 1965 linnapea Robert F. Wagneri initsatiivil, seoses aasta varasema pahameelega Pennsylvania raudteejaama hävitamise pärast, mille kohale rajati praegune Madison Square Garden.