Ziegfeld Theater in New York Is Closing After More Than 40 Years

— -- New York City is losing an institution -- the famed Ziegfeld Theater is set to close its doors at the end of this month before reopening as an event space, according to reports.

The only uniplex in Manhattan, it will close on Jan. 28.

Cablevision, the leaseholder of the theater, told the New York Daily News that the landlord, Fisher Brothers, informed them yesterday that their lease would not be renewed.

Next year, it will re-open as the Ziegfeld Ballroom and will function as an event space run by Core Ziegfeld LLC, which also manages New York City's Gotham Hall.

"There's a full renovation that's going to occur [but]... the timeline isn't finalized yet," Allan Kurtz, the managing director of Gotham Hall, told the New York Daily News. "We hope to do movie screenings."

Built in 1969, the 1,131-seat movie palace was host to a number of A-list movie premieres, including "Cabaret" in 1972, "You've Got Mail" in 1998, and "Gangs of New York" in 2002. The last film it will show is "Star Wars: The Force Awakens."