The new 42nd street, INC. Was established in 1990 by new YORK city and state as a NON-profit organization, and was entrusted with 99-year leases of seven historic theaters and two infill properties on 42nd street between 7th and 8th avenues in new YORK city. Guided by the overall public goal of returning 42nd street to its former status as a lively cultural and entertainment destination, the new 42nd street, INC. Operates programming out of two buildings under its stewardship: the new victory theater and the new 42nd street studios. The new victory theater is new YORK city's premier theater for kids and families, which provides substantial education, youth development, and new work development programs to the community each year. The new 42nd street studios, comprises a state-of-the-art, 10-story rehearsal studio facility, as well as the 199-seat black BOX theater, the DUKE on 42nd street. The new 42nd street has strategically subleased its remaining properties to ensure the ongoing vibrancy of 42nd street's historic theaters.
This 501(c)(3) elected the 501(h) safe-harbor — lobbying expenditures are capped under a clear dollar formula instead of the "insubstantial part" standard.