Madison Square Garden was an indoor arena in New York City, the third bearing that name. Built in 1925 and closed in 1968, it was located on the west side of Eighth Avenue between 49th and 50th streets in Manhattan, on the site of the city's trolley-car barns. It was the first Garden that was not located near Madison Square. MSG III was the home of the New York Rangers of the National Hockey League and the New York Knicks of the National Basketball Association, and also hosted numerous boxing matches, the Millrose Games, the National Invitation Tournament, concerts, and other events. In 1968 it was demolished and its role and name passed to the fourth Madison Square Garden, which stands at the site of the original Penn Station. One Worldwide Plaza was built on the arena's former 50th Street location.

Madison Square is a public square formed by the intersection of Fifth Avenue and Broadway at 23rd Street in the New York City borough of Manhattan. The square was named for Founding Father James Madison, fourth President of the United States. The focus of the square is Madison Square Park, a 6.2-acre (2.5-hectare) public park, which is bounded on the east by Madison Avenue ; on the south by 23rd Street; on the north by 26th Street; and on the west by Fifth Avenue and Broadway as they cross.