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 Madison Square and Madison Square Park Madison Square is a public square formed by the intersection of Fifth Avenue and Broadway at 23rd Street in the New York City borough of Manhattan. The square was named for James Madison, fourth President of the United States. The focus of the square is Madison Square Park, a public park, which is bounded on the east by Madison Avenue (which starts at the park's southeast corner at 23rd Street); on the south by 23rd Street; on the north by 26th Street; and on the west by Fifth Avenue and Broadway as they cross.