Founded in 1990, the New 42nd Street is an independent, nonprofit organization charged with long-term responsibility for seven historic theaters on 42nd Street between Seventh and Eighth Avenues. In addition to running the New Victory, the New 42nd Street built and operates the New 42nd Street Studios—a 10-story building of rehearsal studios, offices and a 199-seat theater named the Duke on 42nd Street—for national and international performing arts companies. Since its opening on June 21, 2000, the New 42nd Street Studios have been fully occupied by both nonprofit and commercial theater, dance and opera companies. With these institutions and the other properties under its guardianship, the New 42nd Street plays a pivotal role in fostering the continued revival of this famous street at the crossroads of the world.