Signed contract for East Broadway Mall in Manhattan’s Chinatown

After years of decline, the East Broadway Mall in Manhattan’s Chinatown was chosen by real estate developer Bill Lam’s group to take over in 2023. After two years of restructuring and negotiations, the mall, having brought in new investors, signed a new contract with the city last month.

In 2019, East Broadway Mall Inc. went bankrupt, prompting the city’s Department of Commercial Services (DCAS) to search for a new operator. In May 2023, authorities selected Broadway East Group LLC, owned by Bill Lam, a member of the New York Chinese Chamber of Commerce, to operate the mall for at least 20 years.

“After years of litigation, we are pleased to share that this property has entered a new chapter and has signed a lease agreement with East Broadway Group,” a DCAS spokesperson said on the 2nd. “With a new, responsible operator, we hope this space will continue to be a pillar of the community and develop into a thriving commercial hub in the heart of Chinatown.”

Sources familiar with the matter said the “new lease agreement” was signed mid-last month. Despite this, Lin Jiahua declined to respond to inquiries about the new investor by phone or text message on the 3rd, and the City Management Services Bureau has not disclosed any details. According to sources, the new agreement will continue to have a 30-year lease term, with a 10-year renewal option. The annual rent will start at $450,000, with annual rent increases of 3% after the third year. East Broadway Group will also be required to invest $5 million and pay a $2 million upfront payment to the city. The agreement was originally scheduled to be signed in the fall of 2023.