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Facing Five-Fold Rent Hike, Pearl River Mart to Exit Broadway

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After 12 years at 477 Broadway, Pearl River Mart is packing up its paper lanterns and straw mats once again. Crain's New York reports that the home goods store known for its super-low price points will exit its three-floor, 30,000-square-foot home by the end of 2015. The reason? Rents, of course—company president Ching Yeh Chen said that they pay more than $100,000 per month in rent as it is, and that rent is set to increase more than five times when the lease is up in December.

"This is one of the hottest spots in New York." >>