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 (1925) Madison Square Garden (1925) Madison Square Garden (MSG III) was an indoor arena in New York City, the third bearing that name. It was built in 1925 and closed in 1968, and was located on Eighth Avenue between 49th and 50th Streets in Manhattan, on the site of the city's trolley-car barns. It was on the west side of Eighth Avenue. It was the first Garden that was not located near Madison Square. MSG III was the home of the New York Rangers of the National Hockey League and the New York Knicks of the National Basketball Association, and also