Nov 18, 2014
By Michael Kramer
The biggest landlord on the Great White Way has reached deeper into the off-Broadway world – by buying the five-theatre complex of New World Stages.
The move gives the Schubert Organization more flexibility as it steers shows to off-Broadway – or gets them ready for Broadway homes.
And Schubert gains about 1,900 new seats to fill – with less expensive labour costs than on Broadway.
The organization owns or operates 17 of Broadway’s 40 theatres – and the off-Broadway “Little Shubert,” as well as ticket-seller “telecharge.”
New World Stages is located at West 50th Street. It presently has four tenants – including “Avenue Q.” The facility was sold to Schubert by Stage Entertainment – a leading European producer that recently lost a gamble – by putting on “Rocky”on Broadway.