After 64 years of business in downtown New Haven, Cutler’s Record Shop on Broadway announced on Wednesday that it will close its doors for good at the end of June.

Cutler’s has been operating on Broadway Street since the 1940s. In a Wednesday press release, University Properties Director Abigail Rider called the closing “the end of an era.”

“We would like to thank Phil Cutler and his family for 64 wonderful years bringing a wonderful selection of music to New Haven shoppers,” Rider said in the press release. “The Cutlers have been the epitome of a fine family-owned business and we’re proud to have had them as tenants.”

In 1948, Nat and Lee Cutler opened the record store at 41 Broadway. By 1953, the business had moved to a new storefront at 33 Broadway, and after Nat and Lee Cutler died in 1958 and 1961, their son Jayson Cutler began managing the store.

Cutler’s made its final move in 1999 when University Properties — the office that manages Yale’s portfolio of residential and commercial properties — began developing the Broadway shopping district. Phil Cutler moved the business to its current 2,000 square foot home at 27 Broadway, and he added that throughout the years of business following the final move, UP has been “a terrific landlord.”

“I’ve got to be paying less rent than anyone else in this block. UP could have had their way with this space years ago, but they’ve never pressured me,” Cutler said. “They seem to bend over backwards for this company — it’s just a love relationship.”

Cutler said he began seriously considering closing the family business several months ago and informed UP of his decision in the past month. Abigail Rider, the director of UP, called the closing “the end of an era” and said the Cutlers have been “the epitome of a fine family-owned business.”

Rider said UP currently does not have any plans for the storefront once Cutler’s vacates the space in June.

The Cutlers did not give a reason for their store’s closing in the press release, but Phil Cutler, who currently runs the business, said the family is viewing the decision as “a celebration” of 64 years of music business rather than “a sad day.”

Anne Haynes, CEO of the Economic Development Corporation of New Haven, said the store’s closing leaves a void in the city that will not easily be replaced or forgotten.

“I’m very sorry to hear Cutler’s is gone. That was my favorite store when I first got to New Haven,” Haynes said. “They are a one-of-a-kind store and an important fixture in New Haven. There’s nothing else like it.”

Cutler’s will hold a final sale beginning on May 18, selling its inventory of compact discs, vinyl records and other music merchandise at a 25 percent discount.

CORRECTION: May 18, 2012

An earlier version of this article incorrectly referred to Broadway as Broadway Avenue.