An iconic Midtown movie theater is closing its doors and turning into an event space.
Fisher Brothers and Core Ziegfeld announced in a press release Wednesday that the Ziegfeld Ballroom will open in the fall of 2017 and replace the Ziegfeld Theatre.
According to the press release, the new event space will include a ballroom that will be one of the largest in New York City, as well as five meeting rooms.
Core Ziegfeld operates a similar event space called Gotham Hall in Manhattan.
The famed theater, located on West 54th Street, first debuted in the 1920s as a place for live productions like the Ziegfield Follies. It later reopened in 1969 as a movie theater and has been a major hub for movie buffs and red-carpet premieres for decades.
The release says the new event space will continue to host movie premieres.
"I'm so sad, so sad because this is just, I just love all the staples of New York City, and another one is closing its doors, and it's really upsetting," said one New Yorker.
"I didn't know, and I think it's awful," said another. "They're closing everything that means anything or that's beautiful, and this is beautiful."
"I feel like this is a New York icon. I've seen several Star Wars movies here," said a third. "It's very sad."
Cablevision, who rents the space where the Ziegfeld Theatre is located and operates the theatre, said in a statement that it will exit its lease in "the coming weeks."
"We wish the owners of the Ziegfeld Theatre the best of luck with the future of the establishment and with the new tenant that they have selected," the statement from Cablevision reads.
The Ziegfield Theatre is currently showing the new Star Wars film. There is no word yet on what will be its last showing.