Olivia, at 1073 Atlantic Ave., opens with a night of music, dancing, art and burlesque.
A new film about the legendary rock club incorporated original parts of the bar in the set.
Harley Flanagan, accused of stabbing his former bandmates, had his case dismissed Friday.
Fans called the closure "another nail in the coffin" for New York's rock scene.
Prosecutors have yet to indict Harley Flanagan, accused of stabbing his former Cro-Mags bandmates.
"Come Closer" showcases works from artists who lived along the Bowery from 1969 to 1989.
Ex-Cro-Mags bassist Harley Flanagan, accused of stabbing former bandmates, says he was attacked first.
Harley Flanagan, founder of the Cro-Mags, faces charges in Friday's knife-and-teeth attack.
CBGB will hold a major music festival July 5 to 8, 2012.
CBGB's new owners want to continue the club's tradition of supporting new bands.
New York rock 'n roll is kept alive with a new exhibit by famed photographer Lynn Goldsmith.
"Bowery History: A Celebration" will highlight the stretch's status as the city's first entertainment district.
A local bar owner has put in an application for a full liquor license to open a venture in the historic space.
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