Can someone make me Madison Square Garden is known as the World's Most Famous Arena. Madison Square Garden is home to the Knicks basketball team and the New York Rangers ice hockey team. Madison Square Garden hosts over 600 events a year including: The Grammy Awards, rock concerts, wrestling, Westminster Dog Show, antique shows, Ringling Brothers and Barnum & Bailey Circus, boxing matches, and the list goes on and on. It is Also A NYC Transportation Hub Where The LIRR,Amtrack,NJ Path, and Subways 1,9,A,C,E All make Stops in Penn Station Below.