Studio 54 opened in 1977, quickly becoming one of the world's most famous discothèques. The venue also operated under the name of The Ritz from 1988 until early 1993, and then as Cabaret Royale until 1995.

The Roundabout Theatre Company's production of Cabaret played at Studio 54 in 1998 after the collapse of a construction hoist blocked access to the Henry Miller Theatre.

In 2003, the Roundabout Theatre Company purchased the building to house future musical productions.