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Live Nation's newest New York City music venue, The Gramercy Theatre, opened on March 7, 2007. The theater offers a rarity among the City's mid-size music venues: a mix of seating in back with general admission standing room in front, and a sound system that carries well to both. The main room's approximately 2,000 square-foot clear span floor paired with 191 fixed theater-style seats makes it a perfect space for business meetings, product launches and presentations. The Buddha Lounge, on the lower level, is a perfect spot for cocktail receptions and VIP gatherings. Decorated with Gujarat cloth, hand-painted accents and Persian rugs, the lounge features intimate seating areas, soft furniture and a full-service bar.