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 of thousands of people would gather in Madison Square, waiting for the latest results. In 1876, a large celebration was held in Madison Square Park to honor the centennial of the signing of the Declaration of Independence. Then, from 1876 to 1882, the torch and arm of the Statue of Liberty were exhibited in the park in an effort to raise funds for building the pedestal of the statue. Madison Square was the site of some of the first electric street lighting in the city. In 1879, the city authorized the Brush Electric Light Company to build a generating station