That's a real blow to NJ, and to WFMU as well. I know I'm not alone here in having spent much of my youth in that back room, drinking Rolling Rock and seeing the best bands on the planet. The only bad night I ever had there was during the brief "Alternative Pale Ale" era.
I visited Maxwell's one last time in October 2012 while home for a brief visit. I'm so glad I did.
WFMU is a proudly NJ station, but there are no NJ venues anymore. I never thought I'd be nostalgic for the shady characters of yore, a la Randy Now, Ron Delsener and Art Stock, but at least they were putting on shows. Maybe some new, relatively scrupulous enterpreneur needs to start booking the Iron Monkey.