New Jersey's Maxwell's is closing in July

New Jersey's iconic venue Maxwell's will close in July amid the "changing nature of Hoboken."'

NJ.com reports the famous bar where Bruce Springsteen shot his "Glory Days" video, Nirvana played a show and Yo La Tengo annually celebrated Chanukah will forever close its doors in July due to the changes taking place in the surrounding neighborhood.

"We were offered a renewal with rates that weren’t necessarily onerous," says Todd Abramson, the club’s co-owner. "They were in keeping with the city. But after much thought, given the changing nature of Hoboken and the difficulties of trying to run a business in this town, we decided it was time."

Maxwell's is in Hoboken, New Jersey, formerly an artsy neighborhood where rent was affordable and a provocative rock scene thrived in the late 70s and 80s -- the venue opened in 1978. But with the real estate boom taking over the city, Abramson says he lost most of its initial clientele as the neighboring businesses have either closed or fallen though time.

"The culture in Hoboken is driven by TV now. A lot of the bars downtown are fighting with each other for who has the most giant TVs. That’s what Hoboken nightlife has become," he said.

Abramson, who lives in Hoboken, will continue to book shows for Bell House, a larger venue located in Gowanus, N.Y.

As for Maxwell's good-bye show, which will take place on July 31, Abramson said he'll be inviting a few old friends.

"On July 31, I think we’re going to go out the way we came in -- with the band ‘a,’" he said.

Band "a" features members of the Bongos and Glenn Morrow. They were the first band to ever play in the venue when it opened back in 1978.