Built as part of a residential tower and opened in 2002, the Little Shubert was the first new theatre built by the Shubert Organization in New York City since 1928, when the Ethel Barrymore opened on West 47th Street.

The stage itself and the orchestra pit are comparable in size to the dimensions of many Broadway theatres.

Stage 42 is one of the largest Off Broadway theatres but has proven to be an expensive venue to mount shows, partly due to contracts with theatrical unions.

[2] In 2011, theater producers speculated that Stage 42 might become a Tony-eligible Broadway house by the addition of one seat to bring it to the 500 seat minimum required for Tony eligibility; this has not happened, as going to 500 seats would require negotiating new contracts with the unions, raising costs further.

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