The Drama Book Shop announced last October it was in danger of closing after its rent was raised from $18,000 to $30,000.READ MORE: De Blasio: Cuomo 'Should Be Charged' Over Sexual Assault, Harassment Claims In AG Investigation
The store has been a staple of the city’s art community for 100 years and is the only bookstore to be honored by the Tony Awards.
Stars like Miranda, Brian Dennehy and Laura Linney regularly stop in, as well as aspiring actors searching for material for classes or auditions.
“Lin was here, daily and at the time is when he was creating ‘In the Heights,’” Senior Manager Ric Anderson told CBS2. “He used our piano downstairs.”READ MORE: Political Consultant: New York State's Impeachment Of Gov. Cuomo 'Could Get Very Ugly'
On Tuesday, the Mayor’s Office of Media and Entertainment announced the store had been saved.
Miranda, “Hamilton” director Thomas Kail, theater owner James L. Nerelander and producer Jeffrey Seller have agreed to buy the shop.
“The Drama Book Shop is beloved by New York City’s theatre community, and we simply could not stand by and watch a uniquely New York independent bookstore disappear,” Media and Entertainment Commissioner Julie Menin said in a statement. “We are delighted to be playing a part in assuring this vital cultural resource can remain in midtown, for New Yorkers and tourists from all over the world to enjoy, and we know it will be in extremely capable hands.”
“As a teen, I went to the Drama Book Shop on 47th. Spent hours reading plays. Felt made for me, a place to go,” Miranda tweeted. “In 2002, I met with Tommy Kail in the Drama Book Shop. It gave us a place to go. Proud to be part of this next chapter. A place for you to go.”MORE NEWS: Officials Announce Plan To Preserve Crumbling BQE For Another 20 Years
The store on West 40th Street will still close its doors on Jan. 20 but is expected to reopen at another location in the fall.