Weeks after the rumors first surfaced, Manhattan Media has confirmed that the 23-year-old New York Press will cease publication at the end of August.

In its place Manhattan Media will relaunch Our Town Downtown, “a magazine/community newspaper hybrid” that the company closed in 2007.

The New York Observer‘s Kat Stoeffel has the scoop:

The New York Press will live on in name, sort of. The arts section of Our Town Downtown will be called New York Press, and nypress.com will be expanded in the fall to aggregate news and content from Manhattan Media’s ten titles and other local news sources.

Marissa Maier, previously reported to be Jerry Portwood’s replacement at the top of New York Press, will serve as managing editor for Our Town Downtown and Josh Rogers, formerly of Downtown Express, will supervise the re-launch and execution. It will be published by Gerry Gavin, who publishes the other five Manhattan Media weekly papers, with help from a few New York Press sales people.