Ziegfeld Theatre closes

NEW YORK (FOX 5 NY) - Since 1969 the Ziegfeld Theatre in Midtown Manhattan has welcomed New Yorkers and tourists alike into its grand 1,100-seat theater. It is the last remaining single-screen movie palace in the city.

With Thursday's 10 p.m. "Star Wars: The Force Awakens" screening, it will be closing the curtain on a beautiful era.

For the devoted fans of the Ziegfeld, this theater represented a period when going to the movies was an event. And for them, this one-of-a-kind cinema fostered a true community. It hosted countless movie premiers.

But for the faithful fans in line on the final night, the Ziefeld's legacy will remain strong long after this final show.

When it all comes down to it, closing the Ziegfeld appears to have been a purely financial decision. It was impossible to regularly fill such a large theater. It was reportedly losing around $1 million a year.

Now, the building will survive, and we can expect to see it become an event space called the Ziegfeld Ballroom in 2017. But certainly, this is the end of an iconic New York institution.