I've been to BB Theater, it's really nice, albeit in the shittiest place in NY (smack dab in the central of Times Square)
There is a pretty big standing area in front of the stage, and then a large seated (but not assigned) area in the back. It really is a nice place, definitely one of the nicer "smaller" venues in NYC.
Jackie if you go, there will be an epic meetup with drinking and such