New York City says goodbye to another music venue this year.

American Beauty, a bar and music venue also known as Slake, was located just a couple of short blocks from Madison Square Garden and became somewhat of an underground-meets-mainstream locale for fans of dance music, live music and a classic bar scene.

The space, which has gone through a number of name changes, finally took on the American Beauty theme a couple of years in ago in honor of the Grateful Dead. The venue took to Facebook to announce its closure, stating that the company was purchased by new owners who plan to renovate and re-lease the space to new tenants.

Check out the full statement below: