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 and Chelsea is to the west. Within the area, Madison Avenue continues to be primarily a business district, while Broadway just north of the square holds many small "wholesale" and import shops. The area west of the square remains mostly commercial, but with many residential structures being built. In 1989, the city's Landmarks Preservation Commission had created the Ladies' Mile Historic District to protect and preserve the area. Additionally, since 2001, the Madison Square North Historic District for the area north and west of the park, in the neighborhood that since 1999 has been referred to as NoMad ("NOrth of