MANHATTAN (PIX11) — Beloved comedy club Carolines on Broadway is shutting down, the club announced Tuesday night.

The last show will be on Dec. 31. Carolines on Broadway has been in Times Square since 1992. Before that, the club was in Chelsea and in South Street Seaport. Owner Caroline Hirsch is not renewing the lease on the Times Square location.

“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,” Hirsch wrote on the club’s Facebook page.

While the club will close, Carolines brand will continue, Hirsch wrote. That will involve continuing to grow and the New York Comedy Festival.

“No matter the shape or form of Carolines’ future platform, we will always shine a spotlight on emerging talent,”Hirsch wrote.