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 (1925) upper portions of the Garden. In its history, Madison Square Garden III was managed by Rickard, John S. Hammond, William F. Carey, General John Reed Kilpatrick, Ned Irish and Irving Mitchell Felt. It was eventually replaced by the current Madison Square Garden. Boxing was Madison Square Garden III's principal claim to fame. The first bout took place on December 8, 1925, a week before the arena's official opening. On January 17, 1941, 23,190 people witnessed Fritzie Zivic's successful welterweight title defense against Henry Armstrong, still the largest crowd for any of the Gardens. The New York Rangers, owned by the