Morgan, Andrew Carnegie, P. T. Barnum, Darius Mills, James Stillman and W. W. Astor. White gave them a Beaux-Arts structure with a Moorish feel, including a minaret-like tower modeled after Giralda, the bell tower of the Cathedral of Seville – soaring 32 stories – the city's second-tallest building at the time – dominating Madison Square Park. It was by , and the main hall, which was the largest in the world, measured by , with permanent seating for 8,000 people and floor space for thousands more. It had a 1,200-seat theatre, a concert hall with a capacity of 1,500, the largest restaurant 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 noted theater architect Thomas W. Lamb, it was built at the cost of $4.75 million in 249 days by boxing promoter Tex Rickard; the arena was dubbed "The House That Tex Built." The arena was by , with seating on three levels, and a maximum capacity of 18,496 spectators for boxing. Demolition commenced in 1968 after the opening of the current Garden, and was completed in early 1969. The site is now the location of One Worldwide Plaza. Current Garden In February 1959, former automobile manufacturer Graham-Paige purchased a 40% interest in the Madison Square Garden for $4 million and later gained control. In November 1960, Graham-Paige president Irving Mitchell Felt purchased from the Pennsylvania Railroad the rights to build at Penn Station. To build the new facility, the above-ground portions of the original Pennsylvania Station were torn down. The new structure was one of the first of its kind to be built above the platforms of an active railroad station. It was an engineering feat constructed by Robert E. McKee of El Paso, Texas. Public outcry over the demolition of the Pennsylvania Station structure—an outstanding example of Beaux-Arts architecture—led to the creation of the New York City