The venue was bought from the Ballinger Family to AEG and BSE after 27 years of operation. Together, the businesses took over the working rights, property and the long-term lease of the constructing. Previously, Jay Marciano of AEG revealed that AEG and BSE had been spending an estimated $10 million on renovations so as “to deliver them as much as modern requirements and add a couple of extra buyer options.”
The constructing has an over 130-year historical past, first being constructed by architect Charles Rentz in 1886. At the time, it served as a social corridor for working class residents of the Lower East Side by way of the Great Depression. RCA Records bought the music corridor and made it a reording studio within the 1950s and 1960s. In 1980 it was was a live performance venue referred to as The Ritz earlier than the Ballinger household took management in 1989 to make it what we all know immediately.