New York City is to open its own version of the Rock and Roll Hall of Fame with the aim of boosting tourism and honouring the artists and music venues that formed the city's impressive rock history.

The annex to Cleveland-based Rock and Roll Hall of Fame and Museum is due to open in the art-and-fashion district of SoHo and will feature such memorabilia as Bruce Springsteen's first car, a 1957 Chevy Convertible.

It will also house an original phone booth from the infamous music club CBGB, where Patti Smith and the Ramones played, and have interactive maps highlighting venues like Studio 54 and The Hotel Chelsea.

New York Mayor Michael Bloomberg said: "There really isn't a more fitting spot for this museum than New York, the home town of Hall of Famers like the Velvet Underground, Paul Simon, and Blondie."

A record 46 million people visited New York in 2007, and the city's tourism organization NYC & Company is expecting around 47.7 million this year, despite a slowing economy.

Singer-songwriter and New York-native Billy Joel, also at the news conference, gave his endorsement.

Regaling stories of his favourite venues, including Carnegie Hall, Madison Square Garden and large sports stadiums, he said: "I started playing in clubs in New York City at the Gaslight Cafe, The Bitter End, Max's Kansas City, and then had the good fortune to go on and play the other venues in this city.

"New York gave me my words and my music, and rock and roll gave me a place for that music to live."

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