The Neil Simon Theatre opened in 1927 as The Alvin. It was built by producers Alex Aarons and Vinton Freedly and designed by Herbert J. Krapp. The producers lost the theater during the Great Depression, at which point it was used by CBS as a radio studio. It became a legitimate theater again after the departure of CBS in the mid-1940s. It was purchased by the Shubert Organization in 1975, and in 1983 it was renamed after playwright Neil Simon. It is now owned by the Nederlander Organization.