The Avenue Theatre on 118th Avenue will close its doors after one final show Saturday night.

The owners of the historic theatre said it was “ultimately time to move on,” said general manager and concert promoter Steve Derpack. They will now try to sell the building and land to developers.

“It’s a very old building, a very competitive community from a business standpoint and it’s hard to turn a profit and make a go of this,” said Derpack. “Everybody from top to bottom did the best they could.”

The Avenue Theatre first opened its doors in the 1950s and screened movies until the 1990s. It became a skate park from 2005 to 2008, before being transformed once again, this time into a music venue.

Red Skull Ritual, a heavy metal band, will headline the Avenue Theatre’s final show Saturday night, as well as Gravesend, Stranger Danger and Sea of Dead Serpents.

Derpack says while the closure is disappointing for the community, there could be positive redevelopment of the versatile space.

“The naive look is that a developer will come in, see dollar signs for eyes, bulldoze it and build a condo that this area doesn’t want,” he said. “You don’t know what’s going in here next.

"There could be something better than the Avenue Theatre was."