At the rate the Transport Group is going, there won’t be any loft spaces left in Manhattan. The enterprising theater company, who staged a well-received revival of The Boys in the Band last season in a Chelsea loft apartment, repeats the gimmick with their current revival of Michael John LaChiusa’s musical Hello Again, first presented in 1994 at Lincoln Center.

The gimmick is less successful this time. While Matt Crowley’s gay-themed comedy benefited from the verisimilitude and intimacy of the surroundings, this show based on Arthur Schnitzler’s 1900 play La Ronde seems merely lost in this cavernous Soho space.

Those familiar with the original work, not to mention its infinite adaptations, will recall that it depicts a daisy chain of erotic encounters among a series of sketchily drawn figures. La Chiusa’s time-hopping version is set in different decades of the twentieth century, featuring couplings—both of the homo and hetero variety--between such characters as a Senator (Alan Campbell), a Young Thing (Blake Daniel), a Writer (Jonathan Hammond), an Actress (Rachel Bay Jones), a Whore (Nikka Graff Lanzarone), a College Boy (Robert Lenzi), a Young Wife (Alexandra Silber), a Nurse (Elizabeth Stanley), a Husband (Bob Stillman) and a Soldier (Max von Essen).

That these sexual encounters are largely joyless and fraught with tension comes as no surprise. What is surprising is that the same lingering negative aftereffects are experienced by the audience members of this voyeuristic production directed by Jack Cummings III, which brings the action uncomfortably close to the spectators who are seated at supper club-style tables surrounding a large bed.

The performers perform their sexually charged duets at various locales throughout the large space, sometimes climbing on top of tables and writhing their often partially clad, inevitably toned bodies right in our faces. The results are mainly discomfiting, although if you’re looking for a close-up view of nude male buttocks pumping away—the men are more frequently unclothed than the women—then this is the show for you.

The talented ensemble--while not exactly comparable to the original ensemble which included such rising stars as Donna Murphy, John Cameron Mitchell, Michele Pawk, Carolee Carmelo and Malcom Gets, among others—do fine by the material. And LaChiusa’s varied score, ably performed by a six-piece band tucked away in one corner of the room, still has its pleasures, although it offers no truly memorable songs.

But the show, much like the frenetic but joyless sexual liaisons it depicts, feels ultimately hollow. With Schnitzler’s ingenious concept having been made overly familiar by repetition, it may be time for theater artists to resist any further impulses to update this work.

Transport Group, 52 Mercer St. 212-564-0333. www.transportgroup.org.