Musician Billy Joel has chosen not to renew the lease at his 20th Century Cycles shop in Oyster Bay when it expires in late September, his rep confirms to PEOPLE. The rocker will also be auctioning off his personal motorcycle collection,

The Long Beach resident, 68, said the $10 souvenirs caught his eye and he planned to repurpose them into candleholders — mementos of his first, and possibly last, visit to Billy Joel's famed storefront, which has showcased the musician's motorcycle collection for the past 15 years.

Following his diagnosis of Normal Pressure Hydrocephalus, Billy Joel will be closing his bike shop, 20th Century Cycles.