The 2nd building was built by a syndicate that 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[citation needed] and dominating Madison Square Park. The main hall, which was the largest in the world, measured 200 feet by 350 feet with permanent seating for 8,000 people and floor space for thousands more. It had a 1,200-seat theater, 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.