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No they both occupied the same exact space.
I have returned with a compilation of all the facts as known to date. Perhaps this will put an end to the misinformation given earlier. I am using facts from my own record searches and have included input from Stanley. The Ridgewood Folly theatre was owned by Mr. Schubert and built in 1909 and operated under that name until 1914 when it was sold to the Goodman Entertainment Company. The theatre was renamed to the Grandview theatre due to its location. This rather small theatre did a brisk business until 1925 when plans for a larger theatre were drawn. The original Ridgewood Folly theatre was demolished and the new Grandview theatre built on the exact location where the Folly theatre stood. The larger Grandview theatre opened in the spring of 1927 and remained a fixture on Grandview avenue until 1956. An address of 959 Grandview would be correct for both theatres. I have written this in story form in the hopes it will end all confusion.