Between 1899 and 2002, the northwest corner o Seventh and 42nd Street was occupied by a theatre (with various reputable and less reputable productions). First, Oscar Hammerstein's massive Victoria Theatre presented legitimate theatre before turning—very successfully— to vaudeville. That theatre closed and was demolished in 1915.

In 1916 a new theatre building on the site opened. The Rialto sat 1,960 patrons. The venue was exclusively a motion picture house, becoming one of midtown's best-known movie palaces. Paramount sold the building in 1935, and the new owners razed the venue. In its place, a new building with stores, offices, and a smaller theatre, also called the Rialto, rose. That theatre showed films but by the 1970s was screening movies of an adult nature.

The period of mature movies was shortlived, and the theatre returned to live performances once again in 1980, also acting as host to a TV studio. Finally, in 2002 the 1935 building with the small theatre was demolished, and a large office building was erected in its place.