Photo courtesy of MCNY

[UPDATED] Can you guess the year, the neighborhood, and more importantly, guess what exactly was going on in this photo? As always, we'll update later with the answer and more details. Hint: this was taken in Manhattan.

UPDATE: This photo was taken on October 3rd, 1925 at 4th Avenue and 26th Street, the site of the 2nd Madison Square Garden, which was being torn down to make way for the New York Life Insurance Building. Here's another photo from the scene:

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Photo courtesy of MCNY