Event to take place Nov. 2.

The Latin Grammys are heading to New York for the first time in their seven-year history. The public will be able to purchase tickets to the event—also a first—which is to take place Nov. 2 at Madison Square Garden.

The awards will air live on the Univision network as they did in 2005. According to New York City’s Economic Development Corporation, the event is expected to generate an economic impact of more than $30 million to the city.

The move to New York, says Latin Grammy president Gabriel Abaroa, stems in part from the sheer importance of the city as a mecca of Latin music.

“It allows us to come close to a city that is the cradle of great musical movements and great personalities,” says Abaroa. “And from a creative stand point, it gives us the opportunity to tell a new Latin Grammy story.”

The city of New York, through NYC Big Events, will develop partnerships with companies to promote the awards show, much in the same way it works to promote other high profile events.

"Our model has proven to be an effective way to recruit events without relying on taxpayer revenue," said Joe Perello, the City's CMO and President of NYC Marketing, in a statement.

Earlier this year, Billboard reported that New York and Las Vegas were the most likely candidates to host the Latin Grammys. Also in the running was Los Angeles, the longtime host to the awards, which only left the city one year, to go to Miami.

Nominees to the Latin Grammys will be announced Sept. 26. Winners are voted upon by members of the Latin Academy.