At the end of August, legendary midtown Manhattan recording studio Avatar, better known in the music industry as The Power Station, was shut down after forty years in business. But staying true to their word, former Avatar owners Chieko and Kirk Imamura made sure to find a buyer that would continue its legacy: the Berklee College of Music announced today that it will renovate the 53rd Street facility and transform it into BerkleeNYC, "a state-of-the-art recording and video production facility for the city’s music, theater, television, and film industries."

The renovated facility, which will be re-christened Power Station at BerkleeNYC, is the last recording studio in the city that is able to accommodate a full orchestra or live Broadway cast album recording, according to a press release. In addition to continuing to operate commercially as a recording studio, Power Station at BerkleeNYC will also offer educational programs, performances and resources for local musicians:

The public will have opportunities to attend artist lectures, workshops, performances, and master classes, while New York City’s public school students can take courses in performance, songwriting, and production. Also to be offered are teacher training sessions for Berklee City Music, Amp Up NYC, and Little Kids Rock; programs exploring the intersection of music, dance, theater, and technology; talent incubation; and internships for Berklee College of Music and Boston Conservatory at Berklee students. BerkleeNYC will also feature exhibits, which will be open to the public, memorializing the rich musical history of the facility.

The project was spearheaded by Berklee trustee Pete Muller, with the support of the Mayor’s Office of Media and Entertainment (MOME) and the Economic Development Corporation (EDC). According to the Times, they have raised $25 million for the project, including $6 million from the city, which will be "enough to launch, renovate, and operate for a decade."

"Renovating this amazing, historic music venue is a powerful nod to New York City as a continuing center for innovative art, culture, and creativity. I commend Berklee and Trustee Pete Muller for their investments, their vision, and for the public programming space that will benefit many budding and future New York recording artists," Mayor de Blasio said in a statement.

The 33,000-square-foot complex was first opened in 1977 in a former Consolidated Edison power plant by founder/designer by Tony Bongiovi. Since then, a who's-who of musical icons have recorded there, including Bob Dylan (Infidels), Bruce Springsteen (Born In The USA), Madonna (Like a Virgin), The Rolling Stones (Tattoo You), David Bowie (Scary Monsters, Let's Dance), Neil Young, The Clash, Iggy Pop, Billy Joel, The Kinks, George Michael, Duran Duran, Muse, The Strokes, and the cast of Hamilton. (There was also a short-lived ’80s supergroup named the Power Station after the studio, which included singer Robert Palmer and members of Duran Duran.)

That illustrious list also includes Sting, who wrote in an email to the Times of the Power Station, "The number of studios shutting down is distressing in a city with such a celebrated musical history. I understand how hard it is to keep a studio afloat in these times when so many can now make do-it-yourself records inexpensively at home, but there’s nothing like a room with a history where the music seems to have been absorbed into the walls."

Here's a video of James Taylor recording at the Power Station in the late 1980s: