The Real Deal New York

Soho retailer Pearl River Mart shuttering Broadway store

Department store facing rent hike to $500K a month
April 07, 2015 03:35PM

Popular Soho retailer Pearl River Mart will close by the end of the year, the department store announced. 

The 44-year-old business will shutter its location at 477 Broadway, its home since 2003, when its lease expires at the end of December, Crain’s reported. Pearl River Mart currently pays more than $100,000 a month in rent – a figure that would increase fivefold if the company opted to renew its lease, president Ching Yeh Chen said.

“When we moved here 12 years ago, there was nobody around,” Chen told Crain’s. But with the arrival of big retail chains like Topshop, Muji and CB2 to the area, the store’s location “is one of the hottest spots in New York,” Chen added.

Pearl River occupies 30,000 square feet across the ground, second and basement levels of 477 Broadway, between Grand Street and Broome Street. The store started in Chinatown, on Elizabeth Street, in 1971 and has moved twice before – first to the corner of Canal and Broadway and then to its current Soho space.

The retail space’s owner, Nathan Baden, told Crain’s that he is still negotiating with the store and that it may “end up staying on another floor.” Chen said she is scouting smaller locations further south on Canal Street.

Crain’s noted that rents on the northern end of Broadway in Soho hover around $830 per square foot – up 9 percent from the fall of 2013, according to the Real Estate Board of New York. Businesses have relocated to adjacent areas like West Broadway or south of Broome Street as a result, which has caused rents to rise there as well.

The cost of doing business in the area has led some retailers to look at Williamsburg or the Bowery as an alternative, according to Lansco Corp. vice president Robin Abrams.

“Those tenants are not only looking for a less expensive location, but also an area that is more interesting,” Abrams told Crain’s.

Chen said she hopes to continue operating Pearl River’s online store after the Broadway location closes. [Crain’s] — Rey Mashayekhi 

  • Realest Minority

    500k jesus

    • Perry

      Shop on the net next year

      • Realest Minority

        that rent price is amazing

        • Marc

          They’ll set up a poor door just for you.

          • Realest Minority

            yea that way nobody can see me with you’re mom

          • Marc

            That is something you could only imagine. A woman is not in the cards for you. In the meantime keep making your dad happy in the biblical sense.

          • Realest Minority

            trust and believe he’s proud that i am sliding you’re mom threw the same poor door that you endorse the irony….

            Give up

          • Marc

            You have quite an imagination. Christopher Street is where you enjoy to be with all the buff young men you really crave. Stay there and stay away from elementary schools. Your membership in NAMBLA doesn’t make it legal for you to rape underage boys. BTW, your mommy complains to me you’re not capable in the sack. Don’t worry I’ll keep her happy & fulfilled until you figure out how to please a woman.
            But before all this happens, learn to spell.
            “you’re mom threw”.
            Give up idiot.
            P.S. I don’t mind the trolls from you at all. I realize keyboard commando morons like yourself need to feel important. Happy trolling…….and use spell check on your next troll.

          • Realest Minority

            A super g@y story is how you respond you must be white and gay keyboard commando trust and believe i bet you don’t leave your shared apartment downtown because you are scared to venture out i am no coward like yourself if you want come see me so i can beat the breaks off you…

          • Marc

            do you live at #69 Hershey Highway? Is your “poor door” accessed from the rear?

          • Realest Minority

            yea i accessed your mom from the rear then smacked her for having a clown for son

          • Marc

            Having your daddy put on a dress then raping him doesn’t count for acting like a man. And don’t smack him either. I’m not his son & he’s not my mother. This “play acting” is quite childish & retarded. Like I said, first you must become a man.

  • BH

    holy crap, only $31 a sq foot for this space. I don’t see anyone being able to take on $500K a month and be successful in this location.

    Who wrote this, $830 sq foot?