Tenured New York City comedy club Carolines on Broadway will be closing at the end of the year, the venue announced Tuesday night. Its Time Square location on Broadway and West 50th Street will have its final shows on Dec. 31.

“People thought we were crazy to invest in Times Square, only later to say that we were ahead of the curve when global brands like Disney, Nasdaq and national retailers and businesses came to the neighborhood. We are very proud to have played an integral role in its resurgence and brought much needed laughter to the neighborhood and the city,” the club posted on its Twitter account. “We’ve had an incredible run these past 40 years, elevating comedy from the very beginning and we are so proud of the comedians that have graced our stages throughout the years with their considerable talents.”

Caroline Hirsch first opened the club 40 years ago in Chelsea as a cabaret, later transitioning into a comedy club by booking Jay Leno as its first stand-up performer. The venue later moved over to the South Street Seaport in 1987 before settling in Times Square in 1992, during a time where most citizens considered the area unsatisfactory due to high crime rates and lack of support from the government. Comedians from all walks of life have played the club, including Jerry Seinfeld, Robin Williams, Billy Crystal, Patrice O’Neal and others.

Carolines indicated that the shutdown isn’t the definitive end of the brand, hinting that the next stage will be “larger and bring the best comedy to more people in more places.” It will also continue growing the New York Comedy Festival throughout the city and the rest of the United States.