New York City is about to lose 5Pointz, quite possibly the largest collection of street art in the world.

For the past 20 years, a Queens factory owner has allowed artists to cover his building's facade with colorful names, superheroes, monsters, zombies, and much more. This "graffiti mecca" is a top destination for visitors from around the world. Some come to paint, others to admire the work or use it as backdrop for film and fashion shoots.

5Pointz is located in a largely industrial part of Long Island City, but that's about to change. Developers plan to replace the factory with two high-rise apartment towers. The proposal, for a 1,049-unit luxury compound, first surfaced in 2011. The New York City Council officially approved the plan last month.

Rendering of the potential development taking 5Pointz's place. (via NYC Dept. of City Planning)

Developers Jerry and David Wolkoff offered to provide 10,000-square-feet of "art panels and walls" in the new buildings. But that arrangement did not satisfy artists, who immediately filed a lawsuit and were granted a 10-day injunction. On Tuesday afternoon, the court ruled against a permanent injunction.