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 Company and Rentschler Field (now the name of the playing surface at Pratt & Whitney Stadium), a stadium in East Hartford, under contract with the state of Connecticut until the 2007 season when it was replaced by Northland/Anschutz Entertainment Group. On several occasion, the Madison Square Garden Company has generated controversy in regard to how they approach their competition. On two separate occasions they made attempts to block the construction of competing venues in the New York and Los Angeles markets. Before the Madison Square Garden Company was formed, it's businesses were part of Cablevision. In 2005, it was proposed that