Two venues called Madison Square Garden were located just northeast of the square, the original Garden from 1879 to 1890, and the second Garden from 1890 to 1925. The first, leased to P. T. Barnum, had no roof and was inconvenient to use during inclement weather, so it was demolished after 11 years. The second was designed by noted architect Stanford White. The new building was built by a syndicate which included J. P. 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.