Madison Square Garden in the city and a roof garden cabaret. The building cost $3 million. Madison Square Garden II was unsuccessful like the first Garden, and the New York Life Insurance Company, which held the mortgage on it, decided to tear it down in 1925 to make way for a new headquarters building, which would become the landmark Cass Gilbert-designed New York Life Building. A third Madison Square Garden opened in a new location, on 8th Avenue between 49th and 50th Streets, from 1925 to 1968. Groundbreaking on the third Madison Square Garden took place on January 9, 1925. Designed by the
Madison Square and Madison Square Park the first auction house in the US, quickly became the place to go in New York to buy and sell jewelry, antiquities, fine art and rare books. The building that became the first Madison Square Garden at 26th Street and Madison Avenue was built in 1832 as the passenger depot of the New York and Harlem Rail Road, and was later used by the New York and New Haven Railroad as well; both were owned by Cornelius Vanderbilt. When the depot moved uptown in 1871 to Grand Central Depot, the building stood vacant until 1873, when it was leased to