NEW YORK CITY-The graffiti laden 5Pointz building in Long Island City will be demolished in the months ahead to make way for a new $400-million twin tower project.

The demise of the 5Pointz came on Wednesday when the City Council approved the new development project that will ultimately replace it.

Demolition work at the 5Pointz property, which has become a tourist attraction as a mecca for graffiti art, could start by the end of this year or in early 2014, according to Jerry Wolkoff, the owner of 5Pointz and the developer behind the new project. “I absolutely love their art,” Wolkoff said. “There will be tears in my eyes when I take that building down.”

The development will feature 1,000 apartments and 50,000 square feet of retail space in a 47-story tower and a 41-story tower, according to the Wall Street Journal. Approximately 12,000 square feet of studio space will be rented first to artists who occupied space at 5Pointz. See story in the Wall Street Journal.