I belong to a group on Facebook, and one of the members uploaded this photo a family member had in a frame.
Written on the photo are the names Renita & Velente/Valenti/Velento, etc.
Based on the image, and subsequent image searches, the likelihood is that Renita is Renita Kramer, a relatively famous (for her time) dancer that performed a one-woman dance routine dressed as both a man and a woman.
That said, I can't identify the male dancer. It does not appear to be Rudolph Valentino, despite the number of hits. I can't find anything online that provides a list of stage dancers/performers in New York during that time period (late 1920's - 1940's).
So, I'm hoping this Reddit might be able to provide an answer to the question of, who is the young male dancer?
You might also try x-posting to /r/whatisthisthing, who have a great track record for this sort of thing