The Pearl River Mart will remain in Soho.
In early December, the Asian merchandise announced that it would close its flagship store on 395 Broadway in early 2021, citing suspended negotiations with the landlord. This news saddened her cult following.
However, the owner found a new location just three blocks north on 452 Broadway, between Howard and Grand Streets. This news was first reported by a hyper-local news site Bowery Boogie.
Gregory Kim of Sequoia Property Group, who represented the landlord, 16 Crosby Street Owner Corp., said Pearl River Mart had signed a lease for 6,000 square feet, including 4,000 square feet at the ground level and the rest at the lower level. The length and value of the lease were not disclosed.
“The property is pleased to welcome back this iconic NYC institution to Soho Broadway, where it belongs,” Kim said in a statement. “The combination of stable ownership and perpetual faith and Pearl River Mart’s commitment to the future of our city has made this agreement possible, and we look forward to being part of their next 50 years in Midtown Manhattan.”
The tenant was represented by Paul Popkin of Lee & Associates.
Pearl River Mart’s blog post announcing its new location recalled many of the moves the business has made over the years.
“It’s painfully ironic that due to the realities of real estate in New York and the relentlessly rising costs of running a small business in the city, we’ve had to move our main store five times over the 50-year history,” he said blog, signed by Joanne Kwong, president of business, along with his founding family, Chens and employees.
Past blog locations were listed on the blog:
- 22 Catherine St. (1971 to 1980)
- 13 Elizabeth St. (1978 to 1986)
- 277 Canal Street (1986 to 2003)
- Outpost on Grand Street (1988 to 2004)
- 477 Broadway (2003 to 2016)
- 395 Broadway (2016 to 2021)
According to the blog, the store also has bases in the Chelsea Market and the Chinese Museum in America.
The blog did not specify an opening date for Broadway 452, but the person who answered the phone on Broadway 395 on Monday said the site would remain open until April. Kwonga could not be contacted immediately.