As reported by Playbill.com last November, the space is set to undergo major renovations including the building of a large glass dome. The redevelopments are part of Reading's plans to lease the space out to creative-type office tenants in the future, like the nearby Buzzfeed headquarters. Real Deal reports that Reading, who also owns the Minetta Lane Theatre and several cinema complexes, has still not confirmed whether or not the theatre will remain, nor how the the space will be broken down into retail and office use. Construction is reportedly scheduled to begin early next year.

The 48,0000-square foot building, of which almost half is currently occupied by the theatre, was erected in 1929 to house the Democratic Party machine. The former Tammany Hall headquarters is currently also home to the New York Film Academy, a liquor store, a smokeshop and a deli.

The Union Square Theatre is currently home to the Off-Broadway revival of The 39 Steps, a theatrical spoof of Alfred Hitchcock's classic 1935 film. Visit 39StepsNY for more information and to purchase tickets.