The Walter Kerr across the street from the Longacre was a dump and a flop house when it originally reopened in the late '80s as the Ritz. Following its painstaking and beautiful renovation, it has seldom been empty, and is usually a producer's top-choice house for plays, although it seems to be on a musical kick of late, what with the run of Grey Gardens and now A Catered Affair rumored for it.
The Longacre has good bones and could also be a great and viable house. Only detriment is the second balcony, but the view is not terrible up there. Considering that the Longacre was almost lost in the '90s, when it was possibly going to be converted into a municipal court house, it's wonderful that it is getting a wholesale renovation, and will be able to house a musical more comfortably. Congrats and thanks to the Shubert Organization, and I hope they have the Belasco next on their list.
Begin at the beginning and go on till you come to the end: then stop.