BOSTON (CBS) — Thanks to the biggest financial gift in Berklee College of Music’s history, the school is about to take over an icon in the music industry.

They’ve invested in New York City’s Power Station–one of the world’s best-known recording studios with a lot of history.

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“Springsteen, Madonna, David Bowie, Roxy Music, Dire Straits … the number of seminal records that have been made there is just stunning,” Berklee president Roger Brown told WBZ NewsRadio 1030’s Jeff Brown.

They’ll be operating it as a commercial studio as well as using the building for educational purposes.

“A major donor stepped up, bought the studio, has made the biggest gift in the history of Berklee College of Music to us, so we’ve raised about $25 million for the Berklee New York Fund,” Brown said.

Before the Power Station building became a recording studio, it was actually a ConEdison power station. A few years ago, it went on the market, and a developer was interested in the space for a condo project–so Berklee decided to jump in.

“Many years ago we decided that having some physical presence in LA and New York–the two music capitals of the world–would be a good thing for us, provided we could do it on the right terms.”

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But along with providing a museum-quality experience for visitors to the historic studio, Brown says the school wants to set up something special.

“We want to re-imagine the recording studio of the future, not just re-create what was done there in the past,” he said.

It’s all part of the school’s mission:

“We want to be the best place on the planet to educate young musicians, actors, and dancers to sustain a career in the industry,” Brown said.

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The building will be known as BerkleeNYC, and is expected to be completed in 2019.