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 Garden of 5th Avenue and Broadway at 23rd Street in Manhattan. It was named after James Madison, fourth President of the United States. Two venues called Madison Square Garden were located just northeast of the square, the first from 1879 to 1890, and the second from 1890 to 1925. The first Garden, leased to P. T. Barnum, had no roof and was inconvenient to use during inclement weather, so it was demolished after 11 years. Madison Square Garden II was designed by noted architect Stanford White. The new building was built by a syndicate which included J. P. Morgan, Andrew Carnegie,