The Shuberts built the 49th Street Theatre in 1921. It was located on 235 W. 49th Street and designed by architect Herbert J. Krapp. The theatre opened with a production of Face Value. Two years later, it premiered a play by Oscar Hammerstein II called Gypsy Jim. The venue housed notables such as Katharine Cornell, Lionel Atwill, Leslie Howard, and Estelle Winwood. The Shuberts lost the theatre in the Depression, and it became a short-lived movie theatre. In 1940, the 49th Street Theatre was demolished as Cinema 49.