Investors buy assets of closed punk rock club CBGB, plan new club and NY festival
Posted May 8, 2012 10:22 am.
This article is more than 5 years old.
NEW YORK, N.Y. – The legendary punk rock club CBGB closed six years ago. But now a group of investors has bought the club’s assets and plans to establish a CBGB music festival in New York City this summer.
The original CBGB was an incubator for acts like the Ramones, the Talking Heads, Patti Smith and Blondie.
The investors bought the name and other assets from Lisa Kristal Burgman, the daughter of CBGB founder Hilly Kristal. Kristal died in 2007.
The New York Times reports that the new owners hope to reopen the club at a new location.
This year’s four-day music festival is scheduled to begin July 5. It will showcase about 300 rock bands.
