In 1920 the Shubert brothers drew up plans for six playhouses on 48th and 49th Streets and hired Herbert J. Krapp for all of them. Four were completed, and three survive: this one, the Ambassador and the Eugene O'Neill. Construction of the Ritz reportedly took just 66 days, and its first production, John Drinkwater's Mary Stuart, opened on March 21, 1921.
Leslie Howard and Alfred Lunt appeared in Outward Bound (1924) and Bette Davis in Broken Dishes (1929); Hassard Short's Ritz Revue (1924) was the first musical here. From 1936 to 1939 the Federal Theatre Project leased the house. Broadcasters followed: CBS in 1939, then NBC, the Blue Network and ABC, which used it as a studio until 1965, with a brief return of live shows in 1942 and 1943.
Dark until 1969, the Ritz then cycled through quick flops, adult films, vaudeville and a children's theater before ending the 1970s as a poster warehouse.
Jujamcyn Theaters acquired it in 1981 and renovated it, turning the second balcony, then used to house air-conditioning equipment, back into seating. The Flying Karamazov Brothers reopened it on May 10, 1983. In 1987, when the Landmarks Preservation Commission protected a large group of Broadway theaters, it turned down both the facade and the interior of the Ritz, so the building is not a city landmark.
After a musical salute to Kerr on March 5, 1990, August Wilson's The Piano Lesson opened on April 16, the first of four Wilson plays on this stage. Tony Kushner's two-part Angels in America played here from 1993 to 1994, and later Best Play winners included Terrence McNally's Love! Valour! Compassion! (1995), Proof (2000), which ran for 917 performances, Take Me Out (2003), Doubt (2005) and Clybourne Park (2012).
A Gentleman's Guide to Love and Murder stayed from 2013 to 2016, for almost 1,000 performances, and Springsteen on Broadway, first booked for eight weeks, ran from October 2017 to December 15, 2018. Hadestown opened on April 17, 2019; as of October 2026, no production has run longer in this building. Jujamcyn merged with ATG in 2023.