New York (CNN) -- The legendary New York restaurant Tavern on the Green will close its doors after serving a last supper and hosting a New Year's party.





The iconic spot on the western edge of Central Park will undergo major renovations under a new operator and may even retain its famous name, but to many patrons, this is indisputably the end of an era.





Claudia Myers and Wayne Knowles, a semi-retired couple visiting from Norfolk, Virginia, were saddened by the news and decided to treat themselves to one last Tavern dinner. "I came here years ago and had good memories," Knowles said.





"It's the atmosphere and ambience" Myers added. "Everyone knows what Tavern on the Green is and where is it" -- here, Myers paused -- "except one cab driver. It's just a neat place. It has history and it's in the park."





Ed Brown and his wife, Judy, also were in town for the holidays from Plantation, Florida, and were aware of the restaurant's plans. "It's my first and last time at eating at Tavern on the Green," Brown said. "At least I can now say I ate there."





Rodney Shephard recently was making preparations for his last party, for 1,500 guests. It's nothing the restaurant's maitre d' for the past 23 years couldn't handle, but he wasn't looking forward to his last party on his last day of employment at the restaurant.





"I never thought this day would come" said Shephard, 52. "Not like this. Not like the money-making machine that this place is."





The restaurant served its first meal in 1936, when Mayor Fiorello La Guardia presided over its opening as the city and the country were trying to dig out from the Great Depression.





The restaurant almost died in 1974 when the operator  shuttered the "rustic little money-losing pub," as New York Times food writer Eric Asimov later described it.





But Warner LeRoy immediately took over the Tavern's lease and invested $10 million. He added two rooms to the existing four and installed scores of copper and brass chandeliers, Tiffany-style stained glass, bull's-eye glass mirrors and ornate pastel-colored fixtures, and a 167-foot mural depicting Central Park.





After its 1976 reopening, words like "playful," "dazzling" and "eclectic" were used to describe the restaurant's ambience and the menu. "It was an over-the-top whimsical place," said longtime publicist Shelley Clark.





Warner Leroy's father, Mervyn LeRoy, was the producer of the "Wizard of Oz," A black-and-white photograph hanging in the Tavern shows Warner as a child with Judy Garland on the set of the movie.





Jennifer Oz LeRoy, in her recently published book "Tavern on the Green 125 Recipes for Good Times," -- co-authored by her mother, Kay -- described the vision of the restaurant that her father wanted.





"When he walked into the courtyard of the run-down building, he imagined something wholly original and incredible: He would build a room in that space that would look like the inside of a wedding cake." she recalled.





"He was a brilliant showman and a brilliant restaurateur. He was bigger than life." said the Tavern's chief operating officer, Michael Desiderio. "He thought dining is like a great show, and when the curtain goes up everything must be perfect."





Shephard, who started as a front desk manager, fondly recalled LeRoy and the sense of family that he brought to the establishment: "It's like a second home. I consider the employees like your brothers and sisters, and now it's all going to be cut off."





The restaurant became the destination for anniversaries, birthdays and family affairs, It served more than 500,000 people a year, an average of 1,400 dinners a night. Tourists eagerly descended upon the eatery for the crab cakes, wedge salad, salmon and parmesan-crusted chicken
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question: Which New York City restaurant will close its doors at end of year ?, answer: Tavern on the Green | question: Who spent money on the restuarant in the 1970s?, answer: Warner LeRoy | question: What NYC restaurant is closing?, answer: Tavern on the Green | question: Who spent $10 million on chandeliers, stained glass, mirrors in 1970s ?, answer: Warner LeRoy | question: How many people visit the restaurant?, answer: 500,000 | question: What legendary restaurant is closing?, answer: Tavern on the Green | question: What number of people a year for anniversary's, birthdays, tourist visits ?, answer: 500,000 | question: Who spent $10 million in the 1970s?, answer: Warner LeRoy