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 on 22nd Street where the Flatiron Building would eventually be built, had four-stories of its back wall facing Madison Square, so Eno rented it out to advertisers, including the "New York Times", who installed a sign made up of electric lights. Eno later put a canvas screen on the wall, and projected images on it from a magic lantern on top of one of his smaller buildings on the lot, presenting both advertisements and interesting pictures in alternation. Both the "Times" and the "New York Tribune" began using the screen for news bulletins, and on election nights crowds of tens