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 restricted to . The capital project expands on a 2008 initiative where part of the intersection of Broadway and Fifth Avenue was repurposed into a public plaza, simplifying that intersection. As part of the 2017 project, Worth Square was expanded, converting the adjoining block of Broadway into a "shared street." Madison Square Park lost some acreage in 1870 when the west side was reduced so that Broadway could be widened and parking provided for hansom cabs, but it was also re-landscaped by William Grant and Ignatz Pilat, a former assistant to Frederick Law Olmsted. The current park maintains their overall