Mr. Osterman was 88. Nominated for many Tony Awards as a producer (the first in 1957 for Candide), Mr. Osterman took home three, for Da, The Shadow Box and (earning a Special Tony Award) the Jason Robards-Colleen Dewhurst A Moon for the Misbegotten (1974) Running his L-O Management Corporation and Coronet Theatre Corporation, Mr. Osterman owned and operated several Broadway theatres over the years, including the Morosco Theatre and the original Helen Hayes Theatre (now both gone, in favor of hotels). His business partner, Richard Horner, died in late 2002.

Among Mr. Osterman's producing credits are Mr. Wonderful, The Rothschilds, High Spirits, Weekend, Face of a Hero, Butley, Fade Out, Fade In, The Cool World, Athol Fugard's The Island and Sizwe Banzai Is Dead and Emily Mann's Execution of Justice.

Mr. Osterman's roots were in business. He was a Wall Street broker in his early career. Survivors include his wife, Marjorie K. Osterman, son Tom and daughter Patricia.