The Lounge at Elmo opens this week in time for a few fashion week parties.

Elmo, the jumping Chelsea eatery, will soon be serving up Forties-style glamour at its new downstairs den called the "Lounge at Elmo." The space’s name borrows from the legendary El Morocco, the midtown supper club frequented by the likes of Frank Sinatra, Dean Martin and Elizabeth Taylor in the Forties and Fifties.

Elmo, the restaurant, has hosted private parties for Harrison Ford and Al Pacino, and the Lounge at Elmo has already been booked by Patricia Field and Heatherette for fashion week parties and by art dealer Mary Boone for a birthday bash. The 2,000-square-foot space opens to the public Wednesday.

Its decor is decidedly over-the-top, with U-shaped black patent leather banquettes, glass cube tables, a black glass ceiling, and silver and gold wallpaper embossed with palm leaves. The lounge’s Morris Lapidus-designed sconces and floor lamps were scored at an auction at Miami Beach’s Eden Roc hotel by co-owners Robert Pontarelli and Stephen Heighton, who also own Leshko’s in the East Village. Their moody new lounge is the work of David and Eve-Lynn Schefer, the husband and wife design team behind Moomba, Fred at Barneys and Commune.

The lounge’s libations are expected to be equally decorated, with a fresh-squeezed watermelon martini and homemade raspberry lemonade with Stoli raspberry vodka topping the drink menu. If that’s not enough to help lounge lizards unwind, DJ’s Rob Sperte, Brenda Black and Rob Eric will spin tunes each night. The Lounge at Elmo, 156 Seventh Avenue, (212) 337-8000.

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