Major N.Y.C. concert venue

MSG

Home to the Knicks and Rangers, this iconic arena sits atop Penn Station and hosts legendary performances.

"MSG" stands for Madison Square Garden, one of the most famous concert and sports venues in New York City. The clue hints at its major status in the city’s entertainment scene, where big-name artists and events regularly take place. Since "MSG" is the well-known abbreviation, the answer fits the short, direct style of crossword puzzles.