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NEW YORK (PIX11) – Tower Records, a once ubiquitous music retailer, reopened in New York City on Friday under a new name.

It’s the first physical location to open in the United States since the company went bankrupt 16 years ago. Tower Records was known for its album release parties for artists including Elton John and Dave Grohl of the Foo Fighters.

The new Williamsburg, Brooklyn location, called Tower Labs, aims to work with other venues in the area to create an “intimate space” with a “lounge-inspired feel” for performers to socialize before and after shows.

“The intention is for artists and bands to host personal gatherings with their community, similar to a backstage experience,” the website states. “Tower Labs brings new energy to Brooklyn with monthly drops of limited edition Vinyl LPs and merch collaborations with artistd and brands.”

For more information about Tower Labs, visit tower.com/pages/tower-labs.

Correction: A previous version of this story misstated the purpose of the Tower Labs location.