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I hate to correct Peter.K and I am sure everybody appreciates all of his work. In reference to his post of May 20, 2004, the links to the four photos do not seem to show the Avenue U theater. The address for the building with the crest is 1507 Ave U and the building next to it (the next crest) is 1505. Unless the theater moved from 1507 to 1600-1602 in the past, the building in the photos are incorrectly identified. In fact, the photos are all facing the wrong way to have any possibility of seeing the theater.
I do not want to sound too obnoxious, but in case anybody else looks for the theater in the subway photos: I looked through the photos and I was unable to identify anything that could be part of the theater even when looking in the right direction. I am not known for great eyesight and the orientation did leave me a little confused, though. Personally, I do not believe you could see the theater from the subway platform over the awning unless the theater was higher than four stories in the past. In addition, the theater was not as close to the subway station as the photos implied. It is actually half a block and across the street from the subway station.
If I remember correctly, the theater was gutted and the floors and roof were removed. Only the outer walls were left. (In case, somebody goes into the bank today and looks for remains of the theater-nothing is left.) From what the building looks like today I am guessing (because I cannot remember exactly) most of the front wall was changed except for the section at the left, which may be the design from before. It seems fancy when compared to the general square shape of the bank. On the side wall, the area to the left was definitely changed. The area to the right (the brick wall) is left in the original design (I seem to remember this design).