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 Square Garden to be moved, following the 2014 MAS Summit in New York City. More plans for the station were discussed. Then, in January 2016, New York Governor Andrew Cuomo announced a redevelopment plan for Penn Station that would involve the removal of The Theater at Madison Square Garden, but would otherwise leave the arena intact. Madison Square Garden hosts approximately 320 events a year. It is the home to the New York Rangers of the National Hockey League, and the New York Knicks of the National Basketball Association. The New York Rangers, New York Knicks, and the Madison Square