To celebrate the release of the band's 12th studio album and their appearance every night this week on CBS's "The Late Show with David Letterman," part of 53rd street in Midtown Manhattan -- where Letterman films -- was renamed U2 Way.

"The Beatles had Penny Lane, Elvis lived on the end of Lonely Street," U2 singer Bono told reporters and fans on the corner of Broadway and 53rd Street.

"We're here somewhere between 10th Avenue and funky, funky Broadway, somewhere south of Duke Ellington Way and north of Joey Ramone Place we find ourselves ... where the streets have no name," he said.

The renaming of the block of 53rd Street between Broadway and 8th Avenue will last one week, Bloomberg said.

"It's a beautiful day, to quote a famous Irish rock band," Bloomberg said. "Everyone in this city, including me, considers these four Dubliners honorary New Yorkers."

He gave each of the musicians their own street sign, at which point Bono joked: "Edge just said this is the first time he's been seen with a street sign and not been arrested."

U2's new album, "No Line On The Horizon," is expected to be one of the pop world's biggest in 2009. It is the band's first in more than four years and is being released by Vivendi's Universal Music Group.

It was released in Britain on Monday.

The Official Charts Company (OCC) said No Line would be U2's 10th British No. 1 album, putting them on a par with the Rolling Stones and Madonna and one shy of Elvis Presley. The Beatles hold the record with 15.

Take a look at the attached photo gallery: New York City Honors U2 By Renaming Street.

Watch the VIDEO: U2 gets street in Manhattan