The cast-iron building, which was constructed from 1873-1874, was designed by Henry Engelbert in the Italianate style for the Atlantic Savings Bank, which became the Bond Street Saving Bank before the building was completed.

[3] Among the many plays and musicals that were produced at the theatre, the first was The Immoralist (1963) with Frank Langella, Dames at Sea (1968), Night and Day (2000) by Tom Stoppard, Brecht's The Threepenny Opera (2003), and the Cocteau's final production, Jean Genet's The Maids X 2 (2006).

[4][5] The building was purchased by Adam Gordon in 2007 for conversion into a private mansion with a climbing wall, and the Bowery frontage used for retail.

In 1967, the building was designated a New York City landmark,[1] and it was added to the National Register of Historic Places in 1980.

[6] The AIA Guide to New York City calls it "One of the most sophisticated cast-iron buildings.