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 1889 two temporary arches were erected over Fifth Avenue and 23rd and 26th Streets. Just ten years later, in 1899, the Dewey Arch was built over Fifth Avenue and 24th Street at Madison Square for the parade in honor of Admiral George Dewey, celebrating his victory in the Battle of Manila Bay in the Philippines the year before. The arch was intended to be temporary, but remained in place until 1901 when efforts to have the arch rebuilt in stone failed, and it was demolished. Fifteen years passed, and in 1918 Mayor John F. Hylan had a Victory Arch built