New 42nd Street

What New 42nd Street does

New 42 (The New 42nd Street, Inc.) is a New York-based nonprofit cultural organization founded in 1990 by New York City and State, holding a 99-year lease on seven historic theaters on 42nd Street between 7th and 8th Avenues. The organization operates two primary venues: New Victory Theater (opened 1995), the city's only major nonprofit theater dedicated exclusively to children and families, presenting international performing arts with 41,126 family and educator contacts in 2024-25; and New 42 Studios (opened 2000), a 10-story complex comprising 14 rehearsal studios and The Duke on 42nd Street (a 199-seat black box), which has incubated over 800 Broadway productions including 16 Tony Award winners such as Hamilton, Hadestown, and The Producers. The organization also runs a multi-track Youth Corps workforce development program (Usher Corps, College Corps with CUNY Arts, and Fellows Corps) that has served 1,650+ NYC youth, alongside the New Victory LabWorks artist development program and a newly launched free online Arts Education Resource Library (October 2024) for Pre-K through 12th grade educators.

The business model is a hybrid of earned and contributed revenue typical of large arts nonprofits. Earned revenue streams include direct ticket sales at New Victory and The Duke (average ticket price $23.17, with $2 subsidized tickets for partner school students), studio rental income from Broadway, Off-Broadway, and nonprofit performing arts companies, and theater tour admission through the Broadway Up Close partnership. Contributed revenue includes individual and corporate donations, foundation grants (Bloomberg Philanthropies, BNY Mellon, Pinkerton Foundation, Virginia B. Toulmin Foundation), and recurring public appropriations from the NYC Department of Cultural Affairs, City Council, and the New York State Council on the Arts. The organization reports a Candid Platinum Seal of Transparency and a Charity Navigator four-star rating, with only 21% of its budget allocated to administrative and fundraising costs. The 51-100 employee operation is led by President & CEO Russell Granet and an eight-person senior team covering artistic, development, education, marketing, administration, real estate, and finance functions.

Customer reach spans five structurally distinct segments: young people and families (primary, through ticketed performances), NYC youth (workforce development), Broadway and Off-Broadway productions (rehearsal space), NYC schools and educators (arts education, 93 partner schools), and emerging artists (LabWorks). Distribution combines direct-to-consumer channels (box office, online ticketing, online education library) with institutional partnerships (NYCHA for public housing residents, CUNY Arts for college students, WNET/PBS for media distribution). Recent strategic activity centers on digital product expansion via the Arts Education Resource Library, governance transition with Henry Tisch assuming the board chair role in July 2025, and district-level advocacy through the Times Square Alliance for a $57 million 42nd Street beautification project.

Name

New 42nd Street

Legal name

The New 42nd Street, Inc.

Website

https://new42.org

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

51–100 employees

Short description

New 42 (The New 42nd Street, Inc.) is a New York nonprofit cultural organization that operates New Victory Theater and New 42 Studios, serving young people, families, NYC schools, Broadway productions, and emerging artists through performances, arts education, studio rentals, and Youth Corps workforce development programs.

Ownership category

akta.pro rank

Product category

Performing Arts & Cultural Services

NAICS

Performing Arts Companies (7111), Theater Companies and Dinner Theaters (711110), Other Performing Arts Companies (711190)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

Performing Arts Organizations (Theater, Dance, Opera, Music) (BPAGAHAB)

akta.pro secondary industries

Regional & Repertory Theatre Companies (MPAGABAB), Community & Amateur Theatre (MPAGABAD), Arts, Sports & Recreation-Based Youth Development Nonprofits (BPAGADAJ)

Keywords

• Performing arts venue
• Youth arts education
• Theater rehearsal studios
• Workforce development programs
• Children's theater performances

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Ticket Sales: Direct ticket sales to performances at New Victory Theater and The Duke on 42nd Street. Average ticket price $23.17 with subsidized $2 tickets for partner school students.
2. Individual and Corporate Donations: Contributions from individual donors, corporate partners, and foundation grants. Only 21% of budget goes to administrative and fundraising costs, with strong ratings from Candid Platinum Seal and Charity Navigator four-star rating.
3. Membership Programs: New Victory Membership offering benefits to families and theater enthusiasts who support the organization with annual contributions.
4. Studio Rental Services: Rental of rehearsal studios to Broadway productions, Off-Broadway companies, and nonprofit performing arts organizations. Over 1,000 productions have utilized New 42 Studios facilities since 2000.
5. Corporate Partnerships: Corporate partners support award-winning education programs and Youth Corps while receiving recognition and season-long employee benefits.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

New 42nd Street is a nonprofit cultural organization that operates the New Victory Theater (NYC's only full-time performing arts theater for kids and families), The Duke on 42nd Street (an intimate Off-Broadway-style venue), and New 42 Studios (eight rehearsal studios serving Broadway and Off-Broadway productions). The organization also runs paid youth workforce development programs (Usher Corps, College Corps, Fellows Corps) and the New Victory LabWorks artist incubation program that commissions new works for young audiences.

Product overview

New 42 (The New 42nd Street, Inc.) is a nonprofit cultural organization operating performing arts venues and workforce development programs on 42nd Street in New York City. The organization operates three core projects: (1) New Victory Theater - a nonprofit theater for kids and families since 1995 offering international performances and arts education; (2) New 42 Studios - a performing arts complex and incubator for Broadway shows including 14 rehearsal studios and The Duke on 42nd Street black box theater; (3) Youth Corps programs - including Usher Corps, College Corps, and Fellows Corps providing workforce development for NYC youth. Additional offerings include New Victory Arts Education Resource Library (free online platform for educators) and LabWorks (artist development program). The organization has facilitated over 800 Broadway productions and served 2 million+ New Yorkers.

Differentiator

Problem solved

Functional benefit

Brands

• New Victory: Bringing kids to the arts and the arts to kids since 1995. Nonprofit theater that opens new worlds to young people and families through extraordinary international performances, education and engagement programs.
• New Victory Arts Education
• New Victory LabWorks
• NYCHA Bring Your Family
• New 42 Youth Corps
• Give a Kid a Seat
• New Victory Arts Education Resource Library

Products and services

• New Victory Theater

Quantifiable outcome

• 2 million+ people have experienced live theater at New Victory since 1990
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• WNETcoreStrategic or Co-development PartnerLongstanding media partnership including Emmy-nominated productions, PBS broadcast of arts education content on Let's Learn and Camp TV, WNET Arts Hero Award, and co-production of 'Let's Get This Show on the Street' celebration.
• NYCHAcoreStrategic or Co-development PartnerPartnership to bring performing arts access to NYC public housing residents across all five boroughs through free tickets, MetroCards, and pre-show family engagement activities. Distributed 1,211 tickets in 2024-25.
• CUNY ArtscoreStrategic or Co-development PartnerPartnership designed New 42 College Corps, a college success program pairing year-round part-time employment in the arts with academic, financial and personal support for CUNY undergraduates.
• Broadway Up CloseminorChannel Partner/ Reseller/ DistributorPartnership for New Victory Theater Up Close guided tours, bringing the 120-year history of the theater to life through expert tour guides.
• Seats on the SpectrumminorStrategic or Co-development PartnerPartnership providing sensory-friendly performances for neurodivergent patrons, including adjusted lighting and sound, reduced capacity, and inclusive environment.
• Times Square AlliancecoreStrategic or Co-development PartnerAdvocacy partnership for approval of $57 million NYC-funded project to beautify and improve safety on 42nd Street, including sidewalk widening, bollards, planters, and water/sewer system replacement.

Scale indicators17 records

Recent moves8 records

Expansion highlights5 records

Regional players

• Williamstown Theatre Festival: Tony-recognized nonprofit theater festival with analogous donor-supported programming model and artistic director-level talent overlap (Lauren Fitzgerald previously served as Press and Marketing Director).

Direct peers

• Manhattan Theatre Club: NYC nonprofit resident theater producing Broadway and Off-Broadway productions with similar donor-supported operating model, education initiatives, and venue-based programming at comparable scale.
• Playwrights Horizons: NYC nonprofit theater dedicated to developing new American plays with comparable artist incubation function (similar to New 42 Studios), education programming, and donor-supported operations.
• The Public Theater: NY-based nonprofit theater producing new works and Shakespeare in the Park with comparable education and youth programming, donor-driven funding, and Tony-recognized artistic reputation.
• Atlantic Theater Company: Off-Broadway nonprofit theater company with analogous new work development programming, education programs for young audiences, and donor-funded business model targeting similar NYC audiences.
• Theatre Development Fund (TDF): NYC nonprofit dedicated to increasing access to live performing arts, with overlapping mission of subsidized ticketing, accessibility programs for underserved audiences, and school partnerships.
• Guthrie Theater: Major nonprofit regional theater with similar programming scale, arts education programs, donor-supported model, and talent pipeline (Lauren Fitzgerald held a Rea Fellowship in General Management at Guthrie).
• Roundabout Theatre Company: Major NYC nonprofit theater company with similar scale of programming, Broadway and Off-Broadway operations, education programs, and reliance on donations and corporate partnerships in the same Times Square-adjacent market.

Broad incumbents

• Lincoln Center Education: Lincoln Center's education and community engagement arm offers comparable performing arts education programming, teacher training, and youth access initiatives, with overlapping institutional donor and government funder bases.
• Apollo Theater: Iconic NYC cultural institution with comparable nonprofit operating model, government funding reliance, and donor-driven revenue structure; Michele Pagnotta (New 42 VP Finance) previously worked at Apollo, indicating talent and operational overlap.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/new42apprentice
• LinkedInlinkedin.com/company/the-new-42nd-street-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about New 42nd Street