Opened in 1891 at the cost of about $500,000, it replaced the first Madison Square Garden, and hosted numerous events, including boxing matches, orchestral performances, light operas and romantic comedies, the annual French Ball, both the Barnum and the Ringling circuses, and the 1924 Democratic National Convention, which nominated John W. Davis after 103 ballots.

The new building, which replaced an antiquated open-air structure that was previously a railroad passenger depot, was built by a syndicate which included J. P. Morgan, Andrew Carnegie, P. T. Barnum,[2] Darius Mills, James Stillman and W. W. Astor.

[3] The final cost for the building, which the New York Times called "one of the great institutions of the town, to be mentioned along with Central Park and the bridge of Brooklyn" was $3 million.

The opening of the new arena was attended by over 17,000 people – who paid up to $50 for tickets to the event – including J.P. Morgan, the Pierponts, the Whitneys and General William Tecumseh Sherman.

[7] On January 8, 1909, Matthew Maloney finished ahead of James Crowley and Sidney Hatch in an indoor marathon before 5,000 "wildly cheering" spectators held within the Garden.

A bout between defending heavyweight champion Jess Willard and challenger Frank Moran on March 25, 1916, which brought in $152,000, the largest Garden take to that date.

[9] Joe Stecher regained the championship from Earl Caddock at the venue on January 30, 1920,[10] the earliest American professional wrestling match to survive on film.

[11] The venue also hosted the next two title changes, Ed "Strangler" Lewis' victory over Stecher on December 13, 1920, and his subsequent loss of the championship to Stanislaus Zbyszko on May 6, 1921.

[12][13][14][15] From 1899 until its demolition, Madison Square Garden hosted the Six Days of New York, an annual six-day racing event of track cycling.