Update: The Knitting Factory, closing soon in Williamsburg, plans to stay in NYC

By Gabe Friedman

Following the announced closure of its Williamsburg location, The Knitting Factory plans to open a new venue in New York City, the CEO of the company that owns it, tells Brooklyn Magazine.

Because contract details are still being worked out, Knitting Factory Entertainment chief Morgan Margolis couldn’t reveal its specific location. He added that the new space will be in partnership with another company.

“The vibe is going to be similar, you know, open to all. Capacity is going to be similar [around 300],” Margolis says. “It’s going to be a little different in that it’s going to be more of a neighborhood bar … we’re partnering up, so it’s not just going to be Knitting Factory.”

The Knitting Factory Entertainment umbrella — which grew out of the original Manhattan club that relocated to Brooklyn in 2009 — now runs several other venues across the country and helps others buy talent. The company also has ties to multiple record labels, including the likes of Partisan Records, home to well-known rock acts such as Idles and Fontaines D.C., and it also helps run festivals, such as Desert Daze in Joshua Tree.

But Margolis said that keeping a flagship New York venue presence is a priority. The company’s headquarters will also stay where it is — right next door to the current venue on Metropolitan Avenue, which will close in late August.

“Knitting Factory Brooklyn is really more about the brand and being part of the fabric of New York,” he says.

Margolis also opened up about the reason for the sudden closure: an approximately 75 percent increase in the space’s rent — to somewhere in the “high 20’s,” meaning close to $30,000 per month. A steep rent hike was also the reason why the venue moved from lower Manhattan in 2009.

“Good luck to whoever wants to take the space,” he says.

There’s still time to catch a show at the Knitting Factory, which first opened in 1989 — its calendar is full right up until August 21.