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 distinctive building, which was designed by Sculpture in the Environment, an architectural and environmental design firm based in Lower Manhattan, sits near the southeast entrance to the park. The names of the neighborhoods around Madison Square have changed frequently, and continue to do so. Around the park and to the south is the Flatiron District, an area that, since the 1980s, has changed from a primarily commercial district with many photographer's studios—located there because of the relatively cheap rents—into a prime residential area. Rose Hill is to the north and east of the park, while NoMad is to the north