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Slideshow Mystery animal deaths Peru declares a health alert after hundreds of birds and dolphins wash up dead in the past few months. Slideshow CBGB's looks for new location, plans NY music festival Tweet Share this Email Print Related News Ramone memoir reveals charming, grumpy punk icon Mon, May 7 2012 Beastie Boys' Adam Yauch dies of cancer, aged 47 Fri, May 4 2012 New breed of boy bands takes over airwaves Thu, Apr 26 2012 Redford aims to bring indie U.S. cinema to London Thu, Apr 26 2012 Jethro Tull gets thicker on "Brick 2" Wed, Apr 25 2012 Analysis & Opinion Personal safety and economic health in New York City Barca end a terrible week on a high as Pep tutors Tito Related Topics Entertainment » Fashion » Music » A CBGB sign on a wall stands near the entrance at the former legendary CBGB rock club in New York, March 26, 2008, which is being transformed into an art gallery called the Morrison Hotel Gallery. Punk rock fans who mourned the closure of New York's legendary club CBGB can catch a glimpse of nostalgia on Thursday when the art gallery taking over the space preserves some of its history. Picture taken March 26, 2008. Credit: Reuters/Mike Segar NEW YORK | Tue May 8, 2012 3:02pm EDT NEW YORK (Reuters) - New York's legendary punk-rock music venue CBGB's may be on its way back -- in a new location with new music. New club investors are currently pursuing a permanent downtown Manhattan venue for the club that shuttered its doors in 2006, according to a club spokesman, who emphasized the managers of new venue will not be trying to emulate the past. "They are hoping to open a new venue focused on new music," the spokesman said. "They are not trying to recreate the past but hope to open a space in the spirit of CBGB." In addition, the first CBGB music festival will take place over four days from July 5-8 and showcase 300 indie bands at dozens of venues in Manhattan and Brooklyn, as well as film screenings and panel discussions. The club that existed on the border of Manhattan's East Village -- its full name is CBGB & OMFUG, or Country Bluegrass Blues and Other Music For Uplifting Gormandizers -- became the epicenter of the punk-rock scene in the 1970s launching bands like the Ramones, Talking Heads, Television and Blondie. The closing down of the club after a rental dispute signaled the end of an era and the gentrification of The Bowery area that now houses luxury apartment buildings with modern glass facades. The club's founder, Hilly Kristal, died in 2007, and since then CBGB's was dismantled and only existed to sell club merchandise. The club's estate, with Kristal's daughter Lisa Kristal Burgman as its co-executor, recently sold the rights to the club's assets to a new group of investors who are currently pursuing the new venue and have planned the annual festival, according to the club spokesman. "It's a relief to know that it's not going to die," Burgman told the New York Times, who first reported the story and said there was six investors behind the new venture. "It's going to be reborn." After Kristal's death the club became weighed down in legal disputes over the assets, and Burgman emerged from a legal battle as the co-executor of the estate. A spokesman for the club did not comment on what the assets sold for. The group of investors purchased the rights to the club's global intellectual property and physical assets. Kristal founded the club in 1973. Despite its name, the club became a breeding ground for punk and new wave music such as The Jam, The Cramps and Nico, among others. (This version of the story corrects the name of Kristal's daughter in 7th and 9th paragraphs) (Reporting By Christine Kearney, Editing by Jill Serjeant) Entertainment Fashion Music Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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