Directed by Leigh Silverman, the play will co-star John Ellison Conlee, Heidi Schreck, Phoebe Strole, Frances Sternhagen and Christopher Evan Welch.
Casting for two additional roles in the production will be announced in the coming weeks, producers said Tuesday.
Previews for the limited engagement of "The Madrid" are to begin Feb. 5. It is to open Feb. 26 at MTC at New York City Center.
"Falco stars as Martha, a kindergarten teacher with a life many would want: a loving husband [Conlee,] a devoted daughter [Strole]. But when she leaves it all behind, it's up to her daughter Sarah to pick up the pieces," a synopsis said.
"Two-time Obie winner, Leigh Silverman directs this hilarious and heartbreaking story about motherhood, freedom and trying to see the people in your family as they really are."