PORT JEFFERSON, N.Y. (CBSNewYork) – The Long Island Music Hall of Fame finally has its own home at a historic building in Port Jefferson.

The keys were handed over to James Faith, the chairman of the Hall of Fame, for the building at the site of the former First National Bank Thursday.

The Hall of Fame was born seven years ago and has existed, up until now, only as a website.

1010 WINS’ Mona Rivera reports: Home Sweet Home

Last week, Brookhaven town officials announced a 15-year lease agreement which will allow the facility to include a museum, education center and performance area.

“This has been long-coming,” 2010 inductee Denis McNamara, a legendary rock DJ, said. “It really represents the full musical magic that is Long Island.”

Hall of Fame officials and inductees at new home (credit: Mona Rivera/1010 WINS)

Photo Gallery: Famous New Yorkers

Musicians including Billy Joel, John Coltrane, and LL Cool J, are featured at the Hall of Fame which represents artists from Long Island, Brooklyn and Queens.

“It’s not just a Rock and Roll Hall of Fame, it’s a Music Hall of Fame,” Faith said.

Now that they have a building, the Hall of Fame is looking for donations to help them renovate and grow.

Renovations could take up to a year.

For more information click here.

Are you excited? Let us know below…