Caroline's comedy club to close

NEW YORK - A New York City entertainment institution is closing for good. 

Caroline's comedy club will have its last laugh on New Year's Eve. 

Owner Caroline Hirsch says she decided not to renew her lease at the Times Square location. It has been there since 1992, and some of the biggest names in comedy have performed there. 

Hirsch said she's proud to have brought much-needed laughter to the neighborhood and the city. 

The original Caroline's opened in SoHo back in 1981.