Where Pennsylvania Station in NYC (and Madison Square Garden) sits today was once a grand station building designed by McKim, Mead, and White. When Penn Central went bankrupt, the air rights were sold off and the railroad station was moved completely underground. The demolition of the old Penn Station was widely regarded as essentially cultural vandalism and arguably played a role in a shift of attitudes toward a more preservationist mindset. (Others argue that this storyline is an oversimplification and there was growing pushback about 60s era urban renewal in any case.)

https://en.wikipedia.org/wiki/Pennsylvania_Station_(New_York...