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 Towers Madison Square Garden Towers The Madison Square Garden Towers were the name of proposed twin residential skyscrapers that were to be constructed north of Madison Square Garden in Midtown Manhattan, New York City. The project featured a complex of seven buildings, including a stadium and a new Penn Station. The cost of the project was US$14 billion. The architects Norman Foster and David Childs, and the architectural firm Skidmore, Owings and Merrill were designing the project. The owners were Stephen Ross of Related Cos. and Steven Roth of Vornado Realty Trust. The towers would have risen to be two of