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 at the theater. "Wheel of Fortune" taped at the theater twice in 1999 and 2013. In 2004, it was the venue of the "" finale. No seat is more than from the 30' × 64' stage. The theatre has a relatively low ceiling at stage level and all of its seating except for boxes on the two side walls is on one level slanted back from the stage. There is an lobby at the theater. Madison Square Garden sits directly atop a major transportation hub in Pennsylvania Station, featuring access to commuter rail service from the Long Island Rail Road