West 42nd Street and Seventh Avenue at the northwest corner, showing Hammerstein's Victoria Theatre, 1904.

Oscar Hammerstein I was a late 19th and early 20th-century theatre mogul. Following the financial failure of an early theater nearby, called the Olympia Theatre, Hammerstein quickly rebounded by opening a theatre called the Victoria in 1899. The theatre was built on the site of Gilley Moore’s Market Stables and used the debris of that structure to fill the walls of the new building-- as a cost-saving measure. The theatre also had a popular roof garden called the Paradise Roof Garden, an open-air entertainment venue. Originally a venue for legitimate theatre productions (most of which were not particularly successful), in 1904 Hammerstein turned the place into a vaudeville house (a much more profitable venture).

The building was sold in 1915 and demolished. Various theatre buildings were constructed and then razed on this lot over the next few decades. Today the structure at 3 Times Square is an office building known as the Thomson Reuters Building. It is a 32-story glass curtain wall structure completed in 2001.