With its double-love plot and intricate themes of reality versus appearance, revenge, mercy, respect, religious conflict, financial and emotional loss and gain, Shakespeare’s “The Merchant of Venice” is a tremendously challenging play to undertake. But the Shakespeare Theatre Company is up to the challenge in its fresh vision of Shakespeare’s play. Directed by Ethan McSweeny, this “Merchant” is given a gutsy, successful transformation: It is set in New York City in the late 1920s, where the emphasis is on commerce, crime and social climbing.

The first of three places where this “Merchant” takes place is Little Italy. Since his capital is invested in commercial ventures, Antonio (Derek Smith) borrows 3,000 ducats from the moneylender Shylock to help Bassanio (Drew Cortese) woo the woman he loves. Antonio promises to repayShylock with a “pound of flesh” if he defaults on the loan.Smith and Cortese handily establish the electric atmosphere of Little Italy, where connections and an intense drive for success are central to the fabric of life.