Pearl River Mart will remain in Soho.
In early December, the Asian goods outlet announced it would close its flagship store at 395 Broadway in early 2021, citing stalled negotiations with its landlord. The news saddened its cult following.
But the owner has found a new location just three blocks north at 452 Broadway, between Howard and Grand streets. The news was first reported by 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 inked a lease for 6,000 square feet including 4,000 square feet on the ground level and the rest at the lower level. The length and value of the lease were not disclosed.
“The ownership is happy to welcome back this iconic NYC institution to Soho Broadway where it belongs,” Kim said in a statement. “The combination of a stable ownership and Pearl River Mart’s enduring faith and commitment to our city’s future made this deal possible, and we look forward to being part of their next 50 years in downtown Manhattan.”
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Paul Popkin of Lee & Associates represented the tenant.
Pearl River Mart’s blog post announcing its new location recalled the many moves that the store has made over the years.
“It is painfully ironic that due to the realities of NYC real estate and the ruthlessly increasing costs of running a small business in the city, we’ve had to move the main store five times in our 50-year history,” stated the blog, signed by Joanne Kwong, the store’s president, along with its founding family, the Chens, and staff.
The blog listed the past store locations:
- 22 Catherine St. (1971 to 1980)
- 13 Elizabeth St. (1978 to 1986)
- 277 Canal Street (1986 to 2003)
- Outpost at Grand Street (1988 to 2004)
- 477 Broadway (2003 to 2016)
- 395 Broadway (2016 to 2021)
The store also has outposts at Chelsea Market and the Museum of Chinese in America, according to the blog.
The blog didn’t specify the 452 Broadway opening date, but a person who answered a phone at 395 Broadway on Monday said that location will remain open until April. Kwong could not be immediately reached for comment.