NEW YORK ( CNN ) -- U2 fans braved the frigid cold serenading each other with old hits as they waited hours for the band to show up Tuesday . They were not disappointed . U2 -- Adam Clayton , Bono , The Edge and Larry Mullen Jr. -- hold signs for `` U2 Way '' Tuesday in New York . Bono , Adam Clayton , Larry Mullen and The Edge appeared on the southwest corner of 53rd Street and Broadway -- along with Mayor Michael Bloomberg -- to unveil the street sign `` U2 Way . '' West 53rd Street west of Broadway will keep the name for one week while the band is in town to appear each night on CBS ' `` The Late Show with David Letterman . '' The rock band released its 12th studio album , `` No Line on the Horizon , '' Tuesday and is gearing up for a worldwide tour to begin in July . Bloomberg told fans that the band represents peace and tolerance , and each member will now be considered an honorary New Yorker -- a status that is a bit more than honorary for Bono and The Edge , each of whom have second homes in the city . The rechristening of the street had special meaning for the band members . `` The Beatles had Penny Lane , Elvis had Lonely Street and now we have the street between 10th Avenue and funky , funky Broadway , '' said Bono . Drummer Larry Mullen cracked that he had been hoping for something better , along the lines of Larry Mullen Circle . Adam Clayton said he already has a street named after him . There is a street in Harlem called Adam Clayton Powell Boulevard . It 's actually named after a former congressman . Guitarist The Edge said the band has a long history with New York City -- from the Mudd Club , where the band played in its early days , to Madison Square Garden , where it is expected to play several sold-out shows this summer . Avoiding traditional rock band stumbles and breakups , U2 is in its fourth decade of music , dating back to the band 's formation in 1978 , when the four were just a bunch of high school friends hanging out on the streets of Dublin , Ireland . The band that once sang `` Where the Streets Have No Name '' now has a street with a name -- its name .
New York 's W. 53rd Street west of Broadway `` U2 Way '' for a week . Band is playing a weeklong stand on `` Late Show with David Letterman '' U2 's new album , out Tuesday , is `` No Line on the Horizon ''