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 park and the square are at the northern (uptown) end of the Flatiron District neighborhood of Manhattan. The neighborhood to the north and west of the park is NoMad ("NOrth of MADison Square Park") and to the north and east is Rose Hill. Madison Square is probably best known around the world for providing the name of Madison Square Garden, a sports arena and its successor which were located just northeast of the park for 47 years, until 1925. The current Madison Square Garden, the fourth such building, is not in the area. Notable buildings around Madison Square include