In 1921, the Walter Kerr Theatre house opened under its original name, The Ritz. Owned by the Shuberts and designed by Herbert J. Krapp, it was intended to be a sister theater to the Ambassador Theatre.
Starting in 1939, CBS and ABC used the space to record radio and TV programs. In the 1970s it was converted back to a movie theater but was restored to legitimacy in 1983. Its current owners, Jujamcyn Theatres, spent millions restoring the theater in 1990 and it has housed successful Broadway runs ever since.