Gulf & Western Inc. said it will...

Gulf & Western Inc. said it will renovate its New York sports and entertainment arena, Madison Square Garden, at an estimated cost of $100 million, abandoning plans to tear down the 21-year-old complex. The company had planned to replace the outdated facility with a new office building and construct a new arena elsewhere in Manhattan in partnership with Olympia & York, the Canadian real estate group that is one of the biggest property owners in the city. Olympia & York is not connected with the renovation plans.