Roundabout Theater At Studio 54
During 1994 Allied Partners bought the building for $5.5 million. They restored much of the architectural detail that had been painted black or covered with plywood by Schrager and Rubell. The nightclub reopened with a live concert by disco stars Gloria Gaynor, Vicki Sue Robinson, and Sister Sledge. The building again went into bankruptcy in 1996 and Allied announced plans to demolish it and replace it with Cyberdrome, a virtual reality gaming venue; however the project was never completed.
During 1998, the collapse of a construction hoist blocked access to the Henry Miller Theatre on 43rd Street, where the successful revival of the Broadway musical Cabaret was playing. To keep the show accessible, the Roundabout Theater Company agreed to move the performance to Studio 54. Roundabout later bought the building in 2003 from Allied for $22.5 million, and Cabaret played until 2004.
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