With Winthrop Ames as the only director, the New Theatre Company occupied the building for only two seasons, 1909–10 and 1910–11.
Capable of seating 2,300 persons, the New Theatre was opened on November 6, 1909, with impressive ceremonies and apparently under
the most favoring auspices, but a serious defect in the acoustics became apparent at once and this was only partly remedied by the
installation of a sound-deflecting bell. Several Shakespearean plays were given, by far the most notable presentation being that of
The Winter's Tale. On the whole the company did its best ensemble work in some of the modern plays of that time, like Maeterlinck's
The Blue Bird and Sister Beatrice, Galsworthy's Strife, and Edward Sheldon's The Nigger starring Annie Russell.
A poetic drama of distinction was Josephine Preston Peabody's The Piper. From Europe in 1912 came Judith Gautier and Pierre Loti,
producers and supervisors of The Daughter of Heaven. In most cases the stage settings were of very high quality.
Not long ago an institution which was expected to benefit the Stage and the Public went down in miserable failure, in the collapse of the New Theatre.
The Directors of that institution provided 'practically unlimited capital' for the venture, — an aid which Lester Wallack, for one, never had and
never dreamed of having. The observer of to-day was able to see at first hand exactly what kind of theatrical company could be formed after a long
absence of stock-companies; half a million dollars was lost in the effort, and persons of experience, knowledge, and taste have had an opportunity to
see what the much-vaunted 'commercialism' has really done for the American Stage, and how necessary it is that other forces should control it.
The building was located a mile above the Theater District, and it was exceedingly expensive to maintain. Financially, the venture proved to be a boondoggle.
At the end of the second season, it was found to be impracticable to plan for a third. The building was leased to other theatre managers,
who changed the name to the Century Theatre (1911), the Century Opera House (1913), the Century once more (1915), with Florenz Ziegfeld as manager.
In 1917, producers Florenz Ziegfeld and Charles Dillingham opened the roof garden as a nightclub and named it the Cocoanut Grove,
based on the success of a similar venue, Ziegfeld Midnight Frolic at the New Amsterdam Theatre.
It was of no use. The "Shrine of Snobbism" as a populist New York paper dubbed it (WPA Guide) was demolished and
the Art Deco Century Apartments, designed by the office of Irwin S. Chanin, rose on the site in 1931.