Very sad news. May he rest in peace.
On the other hand, all his old recordings are still around; on records, cassettes, CDs, the Internet and no doubt a few reel-to-reel tapes in forgotten corners of attics. So at least we can all go and listen to our favourite Lou Reed / Velvet Underground tracks. (Those of you who haven't got a favourite Lou Reed or Velvet Underground track: Go and discover one for yourselvesnow. Except you probably wouldn't be reading this thread anyway if you hadn't.)