For 34 years, Astor Place Theater, a humble venue in a historic building in Lower Manhattan, was occupied by a single show, Blue Man Group, which spun profits out of performance art.
But Blue Man Group closed its New York production in February, and now another company will take a turn making art in the space: No Guarantees Productions, a venture established in 2017 that has put money into multiple Broadway and West End shows.
“We love the location, and the theater is in fabulous condition,” said Megan O’Keefe, executive vice president of No Guarantees. She said the company hopes to present three to four Off Broadway shows a year at Astor Place, some of which it will produce, and some of which will be projects developed by other producers who would rent the space.
No Guarantees is the latest for-profit company taking over an Off Broadway theater at a time when the commercial Off Broadway sector has been enjoying an unexpected rebound. Another example: Seaview Productions is now operating a Midtown Manhattan venue previously run by the nonprofit Second Stage Theater; the first show at what is now called Studio Seaview is “Angry Alan,” a play starring John Krasinski and currently in previews.
“What we’re seeing more and more is that there are a lot of really beautiful shows that just are never going to attract the audience, and/or support the budget, that you increasingly need to put on a flashy Broadway show,” O’Keefe said. “And that’s why I think we’ve seen a real resurgence of interest and popularity in the commercial Off Broadway space.”
No Guarantees has deep pockets. It was founded and is led by Christine Schwarzman, an intellectual property lawyer who is married to Stephen A. Schwarzman, the billionaire chairman and chief executive of Blackstone, a huge investment firm.
Christine Schwarzman, either as an individual or through No Guarantees, has producing credits on 30 Broadway shows over the last seven years. The company says it was involved with one-third of the commercial productions that opened on Broadway this season, and it was among the lead producers of “The Hills of California,” which is nominated for a Tony Award as best play.
The company’s track record, as for every producer, is mixed — in 2023 No Guarantees was a lead producer of “Fat Ham,” a Pulitzer Prize-winning play, as well as the musical “Bad Cinderella,” which was a significant flop. No Guarantees has also been supporting the development of musicals at nonprofit theaters, including “Goddess,” which is now at the Public Theater in New York, and “Huzzah!” which is scheduled to begin performances in September at the Old Globe Theater in San Diego.
No Guarantees has signed a long-term lease to operate Astor Place Theater, which has 298 seats and is still owned by founders of Blue Man Group.
O’Keefe said that No Guarantees wants to begin presenting shows at Astor Place as soon as this fall. She said the theater does not require renovations, but that No Guarantees expects over time to convert an adjoining space that Blue Man Group had used for carpentry and laundry into a restaurant and bar.
“We’re really interested in building out a model for plays, for small musicals, and trying to figure out how can we give them enough runway if they’re successful that they can extend,” she said.
Michael Paulson is the theater reporter for The Times.
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