The World's Most Famous Arena, Madison Square Garden, is located in Manhattan on Seventh Avenue between 31st and 33rd Streets. It is a multi-purpose indoor arena, used for professional basketball and ice hockey, as well as boxing, concerts, ice shows, circuses, and other sports and entertainment events. Opened in 1968, it is the oldest and most used major sporting facility in the New York metropolitan area. The construction of the arena costed about $1.1 billion, meaning Madison Square Garden has been ranked as one of the ten most expensive stadium venues ever built.