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 Square Garden Company responded by saying that "[i]t is incongruous to think that M.S.G. would be considering moving." In May 2013, four architecture firms – SHoP Architects, SOM, H3 Hardy Collaboration Architecture, and Diller Scofidio + Renfro – submitted proposals for a new Penn Station. SHoP Architects recommended moving Madison Square Garden to the Morgan Postal Facility a few blocks southwest, as well as removing 2 Penn Plaza and redeveloping other towers, and an extension of the High Line to Penn Station. Meanwhile, SOM proposed moving Madison Square Garden to the area just south of the James Farley Post Office,