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 Theatre Madison Square Theatre The Madison Square Theatre was a Broadway theatre in Manhattan, on the south side of 24th Street between Sixth Avenue and Broadway (which intersects Fifth Avenue near that point.) It was built in 1863, operated as a theater from 1865 to 1908, and demolished in 1908 to make way for an office building. The Madison Square Theatre was the scene of important developments in stage technology, theatre design, and theatrical tour management. For about half its history it had other names including the Fifth Avenue Theatre, Daly’s Fifth Avenue Theatre, Hoyt’s Madison Square Theatre, and Hoyt’s Theatre.