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 Towers the tallest structures in the Midtown Manhattan skyline, with one rising higher than the Empire State Building, currently one of New York's tallest buildings at 1,250 feet (381 m) and would also have been higher than the roof, though not the spire, of One World Trade Center. The towers are essentially canceled as Madison Square Garden is going ahead with renovations of the current arena, rather than a relocation that would have made the towers possible. Madison Square Garden Towers The Madison Square Garden Towers were the name of proposed twin residential skyscrapers that were to be constructed north of