London, England (CNN) -- The debut album by New York rock band The Strokes has been named "album of the decade" by influential British music magazine, NME.

Released in 2001, "Is This It" topped the 100 Greatest Albums Of The Decade list compiled by a panel of musicians, producers, writers and record label bosses, according to NME.com.

The Libertines' 2002 debut "Up the Bracket" was runner-up, with Primal Scream's "XTRMNTR" from 2000 in third spot.

The Strokes formed in 1999 with a line-up that includes lead vocalist Julian Casablancas, guitarists Nick Valensi and Albert Hammond, Jr., bassist Nikolai Fraiture, and drummer Fabrizio Moretti.

Fans had to wait two years before "Is This It" was finally released to critical acclaim, with hits such as "Last Night" and "Hard to Explain" underlining their Velvet Underground-inspired garage rock sound.

However, the album fared better among British fans, reaching number two in the charts compared to 33 in the United States.

The band's second album, "Room On Fire", was released in 2003 and again reached number two in the British charts with singles including "12:51" and "Reptilia."

But their third album, "First Impressions of Earth", gave the band its first number one success, when it snatched top spot in Britain in 2006.

It also reached the hitherto unknown heights of number four across the Atlantic.

On hearing about the NME accolade, frontman Casablancas told the BBC: "It's totally crazy! I thought it was great when I heard.

"But does it mean it's a good musical decade or a bad musical decade? I don't know, I'm such a bad judge of my own stuff."