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Roundabout’s artistic director Todd Haimes thought-about it the “solely viable possibility” for the theatre company. Haimes also wished to renovate the theater, including increasing the orchestra pit and changing the rigging system. Since 1998, the nonprofit Roundabout Theatre Company has operated Studio 54 as a Broadway theater, branded as Roundabout Theatre at Studio 54. It’s one in all Roundabout’s three Broadway theaters, alongside the Todd Haimes Theatre and the Stephen Sondheim Theatre. In July 1998, the collapse of a development hoist at 4 Times Square blocked entry to the Henry Miller Theatre (now Stephen Sondheim Theatre) on 43rd Street, where the nonprofit Roundabout Theatre Company’s profitable revival of the Broadway musical Cabaret was taking part in. Roundabout planned to use Studio fifty four to host larger productions that could not be staged on the American Airlines Theatre. Eva Ostwalt, 108, German-born American Holocaust survivor. Allied continued to own the office space above the theater. The virtual-actuality complicated was never built due to a lack of demand, and the club’s space was as a substitute rented out for private events. Allied announced plans to transform the area into a virtual actuality gaming venue at a cost of $10 million. John Neilson took over the venue with plans to reopen it as an uptown location of the Stringfellows nightclub.

Choose from a curated selection of grass backgrounds. Always free on Unsplash. Richard Hadar announced in early 1999 that he would operate a nightclub within the theater, which might nonetheless host performances of Cabaret through the day. By 2001, Roundabout was negotiating to purchase Studio fifty four from the Hadar household, which might permit the theatre firm to personal a Broadway theater for the first time. CBS, the Manhattan Theatre Club, and Viacom were amongst people who showed interest in acquiring the theater and building. Later that month, the theater and constructing have been auctioned off. Early the subsequent 12 months, the Hadar family agreed to promote the theater for around $25 million. Allied Partners, run by the Hadar household, finally acquired the properties for $5.5 million. 6.75 million got here from the DCA and $17.7 million got here from tax-exempt bonds. To fund the acquisition, Roundabout would receive as much as $32 million in tax-exempt bonds and $9 million from the brand new York City Department of Cultural Affairs (DCA).

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