Richards died Monday at the age of 80.
"For over 50 years, Marty Richards has been transferring his passion for theater to the stage," Charlotte St. Martin, executive director of The Broadway League, said in a statement. "The popularity of his shows has brought many generations to Broadway. He was an admirer of talent, and we were an admirer of his. His love for the arts was matched only by his generosity and philanthropic causes. He will be greatly missed, and our thoughts are with his family and friends."
Stage and screen icon Chita Rivera said her longtime friend is someone she "loved dearly" and "will miss every day" of her life.
"With Marty gone, he has taken a piece of myself with him," the actress said in a statement. "What a privilege to have shared a part of his flamboyant history. Through Marty and his courageous eye and infallible taste, I have inherited gifts I had never imagined would come my way. I loved him dearly and will miss him every day of my life. I have lost a great friend."