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 the Flatiron Building, the Toy Center, the New York Life Building, the New York Merchandise Mart, the Appellate Division Courthouse, the Met Life Tower, and One Madison Park, a 50-story condominium tower. The area where Madison Square is now had been a swampy hunting ground crossed by Cedar Creek – which was later renamed Madison Creek – from east to west, and first came into use as a public space in 1686. It was a Potter's Field in the 1700s. In 1807, "The Parade", a tract of about 240 acres (97.12 hectares) from 23rd to 34th Streets and Third to