Gilmore's Garden in New York City is renamed Madison Square Garden by William Henry Vanderbilt and is opened to the public at 26th Street and Madison Avenue.

Madison Square Garden (1879–1890) was an arena in New York City at the northeast corner of East 26th Street and Madison Avenue in Manhattan. The first venue to use that name, it seated 10,000 spectators. It was replaced with a new building on the same site.

William Henry Vanderbilt was an American businessman and railroad magnate. Known as "Billy", he was the eldest son of Commodore Cornelius Vanderbilt, an heir to his fortune and a prominent member of the Vanderbilt family. Vanderbilt became the richest American after he took over his father's fortune in 1877 until his own death in 1885, passing on a substantial part of the fortune to his wife and children, particularly to his sons Cornelius II and William. He inherited nearly $100 million from his father. The fortune had doubled when he died fewer than nine years later.

Madison Avenue is a north-south avenue in the borough of Manhattan in New York City, New York, that carries northbound one-way traffic. It runs from Madison Square to meet the southbound Harlem River Drive at 142nd Street, passing through Midtown, the Upper East Side, East Harlem, and Harlem. It is named after and arises from Madison Square, which is itself named after James Madison, the fourth President of the United States.