Built in 1937 as the Gramercy Park Theatre, it is owned and operated by Live Nation as one of their two concert halls in New York City, the other being the nearby Irving Plaza.

[1] Built in 1937 and designed by architect Charles A. Sandblom in the Streamline Moderne style, the theater is located at 127 E. 23rd St in the historic Gramercy neighborhood.

The theater was considered an "art house" due to eclectic programming, its unconventional policy of barring admittance near the end of a film, and coffee served in the waiting area.

In 1995, Amit Govil, a real estate investor, revived the theater into the only movie house in the five boroughs to exclusively feature films made in India.

In 1999, the Roundabout Theater Company premiered plays by contemporary writers such as Brian Friel, Paula Vogel, Beth Henley, and Harold Pinter.

Performances included Charles Randolph-Wright's play with music, Blue starring Phylicia Rashad; Martin McDonagh's A Skull in Connemara; Speaking in Tongues with Karen Allen; and Richard Greenberg's The Dazzle.