Off-Broadway?

I have heard the term Off-Broadway used for years. What does it mean. Does it mean that it is on some other street in NYC besides Broadway? No, it refers to the seating capacity of the venue where the production is being shown. It specifically refers to "any professional venue in Manhattan in New York City with a seating capacity between 100 and 499, inclusive." And, as if that weren't enough, there is also an Off-Off-Broadway designation, for theaters that seat less than 100.

So, I suppose when my grandchildren put on one of their little productions in our living room, that should be designated Off-Off-Off-Broadway?