In 1966 the Minskoffs acquired the land under the Hotel Astor, which was demolished in 1967. Their first office plan had no stage. The city's Urban Design Group suggested adding one, and Mayor John Lindsay won the family over. The 1967 Special Theater District amendment granted developers extra office space in return for a playhouse, and the Minskoff and the Uris Building's theater, today's Gershwin Theatre, became the first all-new Broadway houses since the Mark Hellinger Theatre of 1930. Only the Shubert Organization objected at a 1968 hearing, and ground was broken on October 10, 1968.
Irene, a revival starring Debbie Reynolds, opened the house on March 13, 1973. It ran 605 performances yet lost money, and dancers' falls on the new stage led to repairs. Concerts, ballet and short-lived musicals filled most of the rest of the 1970s. In 1979 Jerome Minskoff and James M. Nederlander became joint operators.
Later tenants included a West Side Story revival in 1980, Joseph Papp's The Pirates of Penzance in 1981, Black and Blue from 1989, and Sunset Boulevard, which arrived in 1994 and played 977 performances. The stage also held the Miss Universe pageant in 1981 and Tony Awards ceremonies in 1986, 1988, 1991 and 1995. There were misses too: Dance a Little Closer closed on its opening night in 1983, and Dance of the Vampires, which opened in December 2002, lasted 56 performances. By the time a Fiddler on the Roof revival arrived in 2004, some in the industry considered the Minskoff unlucky, since so few of its shows had turned a profit.
The Lion King moved in from the New Amsterdam Theatre in June 2006, after a renovation for the show, and as of October 2026 it is the longest-running production in the building's history. Since 2011 the Jimmy Awards, honoring high school students, have been held here each June, except in the pandemic years. The pandemic closed the theater on March 12, 2020; The Lion King brought it back on September 14, 2021.
The other theaters on its block were designated city landmarks in 1987; the Minskoff does not appear on the city's list of individual landmarks.