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 (1879) Morgan, Andrew Carnegie, James Stillman and W. W. Astor, who closed it to build a new arena designed by noted architect Stanford White. Demolition began in July 1889, and the second Madison Square Garden, which cost more than a half-million dollars to build, opened on June 6, 1890. It was demolished in 1926, and the New York Life Building, designed by Cass Gilbert and completed in 1928, replaced it on the site. Madison Square Garden (1879) Madison Square Garden (1879-1890) was an arena in New York City at the northeast corner of East 26th Street and Madison Avenue in Manhattan.