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 at 25th Street, powered by steam, that provided electricity for a series of arc lights which were installed on Broadway between Union Square (at 14th Street) and Madison Square. The lights were illuminated on December 20, 1880. A year later, "sun towers" with clusters of arc lights were erected in Union and Madison Squares. The area around Madison Square continued to be commercially fashionable, if not residentially. In 1883, art dealer Thomas Kirby and two others established a salon "for the Encouragement and Promotion of American art" on the south side of the Square. Their American Art Association auction rooms,