NEW YORK – Emiliano Vargas viciously demonstrated Saturday night why promoter Bob Arum and so many others within the boxing industry are so high on his star potential.

The rising junior welterweight prospect annihilated Alexander Espinoza with a perfectly executed counter right that knocked him out less than a minute into their scheduled eight-round bout on the Xander Zayas-Jorge Garcia undercard in The Theater at Madison Square Garden.

Referee Ricky Gonzalez waved an end to their fight just 42 seconds into it, after Espinoza fell to the canvas again as he attempted to get up.

Vargas, 21, is one of the three sons of former junior middleweight champ Fernando Vargas who box professionally. The fast-handed, powerful Vargas (15-0, 13 KOs), of Las Vegas, Nevada, has knocked out 87 percent of his opponents since turning pro three years ago.

“Alexander Espinoza is the most experienced fighter I’ve ever fought,” Vargas told ESPN’s Bernardo Osuna after his sensational New York debut. “I was ready for 15 rounds tonight. It’s a blessing that I got to do it so quick. They don’t pay me for overtime, though, so I had to get it done fast. I’m ready for top, elite competition. My skills are gonna continue to show through.”

Ecuador’s Espinoza, 34, lost by knockout for the third time in a pro career he launched late in 2013.