The completed three-story structure measured 80 feet (24 m) wide by 165 feet (50 m) deep and was made of plain dressed stone. The overall effect
was an air of austerity. The interiors, on the other hand, were quite lavish. The building followed the traditional European style of placing a gallery
over three tiers of boxes, which overlooked the U-shaped pit.
The section of Manhattan where the theatre stood was not stylish: the New Theatre, as it was called, was neighbor to Bridewell Prison, a tent city's
worth of squatters, and the local poorhouse Lewis Hallam, Jr., and John Hodgkinson, both members of the John Street Theatre company, obtained
the building's lease. They hired remnants of the Colonial Old American Company to form the nucleus of the theatre's in-house troupe and thus give
the establishment the sheen of tradition and American culture. Meanwhile, the men quarreled, and construction continued languorously. The theatre
finally held its first performance on January 29, 1798, despite still being under construction. The gross was an impressive $1,232, and, according
to theatre historian T. Allston Brown, hundreds of potential patrons had to be turned away.
In its early years, the Park enjoyed little to no competition in New York City. Nevertheless, it rarely made a profit for its owners or managers,
prompting them to sell it in 1805. Under the management of Stephen Price and Edmund Simpson in the 1810s and 1820s, the Park enjoyed
its most successful period. Price and Simpson initiated a star system by importing English talent and providing the theatre a veneer of
upper-class respectability. Rivals such as the Chatham Garden and Bowery theatres appeared in the 1820s, and the Park had to adapt to
survive. Blackface acts and melodrama squeezed Italian opera and English drama out of their preferential positions. Nevertheless,
the theatre maintained its high-class image.
The theatre offered performances on Mondays, Wednesdays, Fridays, and Saturdays. William Dunlap eventually joined the management team.
Hallam parted mid-season, and Hodgkinson waited for season's end before doing the same. Dunlap remained as sole proprietor; his expenses
were so great that he had to make at least $1,200 per week to break even. He left in 1805 after declaring bankruptcy. After a few more failed
managers, the owners sold the theatre to John Jacob Astor and John Beekman in 1805. These men kept it until its demolition in 1848.
Over three months in 1807, an English architect named J. J. Holland remodeled the theatre's interior. He added gas lighting, coffee rooms,
roomier boxes, and a repainted ceiling. Stephen Price became manager in 1808. He instituted a star system, whereby he paid English actors
and actresses to play English dramas there. Price spent much of his time in England, where he had a successful acting career, leaving much
of the actual business of theatre management to Edmund Simpson. The Park at this point was already known for high-class entertainments,
but Price and Simpson's policies helped to reinforce this as they booked English drama, Italian opera, and other upper-class bills, such as
actress Clara Fisher. Price and Simpson also fostered the careers of many American performers, including Edwin Forrest and
Charlotte Saunders Cushman. The theatre burnt down in May 1820. All but the exterior walls were destroyed. The owners rebuilt the following year.
In the early 1820s, the New Theatre was New York's only theatre, and this lack of competition proved its most profitable period.
The Chatham Garden Theatre was built in 1823 and provided the first real challenge to the Park's primacy; the Bowery Theatre
followed in 1826. The New Theatre, having lost its newness, became known as the Park Theatre around this time. At first, each
of the rivals aimed for the same upper-class audience. However, by the late 1820s and early 1830s, the Bowery and Chatham
Garden had begun to cater to a more working-class clientele. In comparison, the Park became the theatre of choice for bon ton.
This was helped by the evolution of its neighborhood. New York home owners had steadily moved northward from Bowling Green
so that by this point, the Park stood in an upper-class residential area and fronted City Hall and a large park. Coffeehouses and hotels soon followed.
Despite its upper-class luster, however, some commentators found due cause to criticize the Park. Frances Trollope gave a mixed review:
“ The piece was extremely well got up, and on this occasion we saw the Park Theatre to advantage, for it was filled with
well-dressed company; but still we saw many 'yet unrazored lips' polluted with the grim tinge of hateful tobacco, and heard,
without ceasing, the spitting, which of course is its consequence. If their theatres had the orchestra of the Feydeau, and a choir
of angels to boot, I could find but little pleasure, so long as they were followed by this running accompaniment of thorough base.
By the late 1830s, blackface acts and Bowery-style melodrama had come to eclipse traditional drama in popularity for New York audiences.
Simpson adapted, booking more novelty acts and entertainments that emphasized spectacle over high culture. The patronage changed,
as well, as the New York Herald noted:
“ On Friday night the Park Theatre contained 83 of the most profligate and abandoned women that ever disgraced humanity; they
entered in the same door, and for a time mixed indiscriminately with 63 virtuous and respectable ladies. . . . Men of New York,
take not your wives and daughters to the Park Theatre, until Mr. Simpson pays some respect to them by constructing a separate
entrance for the abandoned of the sex. ”
Edgar Allan Poe wrote a more critical editorial in the Broadway Journal:
“ The well-trained company of rats at the Park Theatre understand, it is said, their cue perfectly. It is worth the price of admission to
see their performance. By long training they know precisely the time when the curtain rises, and the exact degree in which the
audience is spellbound by what is going on. At the sound of the bell [signaling the start of the show] they sally out; scouring the pit
for chance peanuts and orange-peel. When, by the rhyming couplets, they are made aware that the curtain is about to fall, they
disappear—through the intensity of the performers. A profitable engagement might be made, we think, with "the celebrated
Dog Bill [part of William Cole's act in P. T. Barnum's American Museum]. ”
The Park Theatre was destroyed by fire 18 December 1848. The Astor family opted not to rebuild it, the more fashionable clientèle
having moved north to Washington Square and the Fifth Avenue; instead they had stores constructed on the site.