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 Square Garden Corporation became a charter member of the National Basketball Association with the New York Knicks. On August 17, 2016, MSG acquired a 12% stake in digital media, broadcasting, and events company Townsquare Media from GE Capital. On July 31, 2017, MSG acquired a controlling stake in professional video gaming team Counter Logic Gaming. In addition to owning the Madison Square Garden arena in Manhattan, New York City, The Madison Square Garden Company is divided into two entities. Madison Square Garden, L.P. used to operate the Hartford Civic Center (now the XL Center), an indoor arena in Hartford, Connecticut,