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Borough President Scott Stringer said he helped arrange financing to keep the theater open because the theater is too important to lose.

"This theater is so historic, both for the Harlem community and quite frankly for the world," he said. "We couldn't lose the theater to a financial dispute."

The Harlem cultural fixture was in danger of foreclosure due to financial problems.

It was also involved in disputes with a neighboring business and its former business partner.

"I think that ultimately whatever disagreements we had, everyone put this community first," said Sade Lythcott, the CEO of the theater. "That's why we're able to be here."

"People love National Black Theater," said Shirley Faison, the executive director of the theater. "I'm sure that the community is very happy that we're here and going to stay here."

The theater was founded at the height of the civil rights movement in 1968 and has been a cultural hub for African-American artists ever since.