I went there once during the CMJ conference in New York, back in the mid-90s. Just walking through the door you could feel the history of that place - and the acoustics were pretty cool for such a hole in the wall spot.
I always wanted to get back there, but never did. Now I never will.
typical....they'll probably build some kind of pop/rock dashboard confessional wannabe type emo pop bs club or worse yet a flash back disco or even *shudder* boy bands will play there.
I'm calling the mosh squad, it is time to mosh up some poseurs