Opened on the same night as the Lyceum Theatre.
The building featured a 688-seat rooftop theatre (the Aerial Gardens before going through several name changes). It became a radio station in 1930 and a movie theatre in 1936. Since then, the theatre has been vacant (as of 2012). It was used during the 50s and 60s as rehearsal space for many Broadway shows.
The main auditorium was restored by Disney in the mid-1990s.
The theatre is said to be haunted by Olive Thomas, a Zeigfeld Follies showgirl who poisoned herself in 1920. She has been seen on and around the stage in a green beaded dress and head dress holding a blue bottle (the same type of bottle held the same type of pills that poisoned her).
In 1955, there were rumors that Max Cohen, who owned the building, had intentions to restore the theatre to legitimate use but it never happened.