At the edge of Chinatown, a Beaux Arts bank building long languished as an underwhelming HSBC before finally closing. It is crowned with a bronze dome and flanked by stone guardian lions and is entering a new chapter. The landmark at 58 Bowery has been acquired for approximately $9.5 million by designer Alexander Wang and his mother, Ying Wang, as was first reported by Artnet. The purchase marks the first time the property has been under Chinese American ownership, shifting the building’s identity from a public financial center to a public cultural center.
58 Bowery, which houses the Wang Contemporary. Photo: Russell Low, courtesy of Wang Contemporary.
The Wangs are inaugurating the site as Wang Contemporary, a multidisciplinary venue dedicated to Asian and Asian American creative production. Their stated ambition is to position the space as both neighborhood anchor and international forum, hosting exhibitions, performances, and seasonal festivals, according...
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At the edge of Chinatown, a Beaux Arts bank building long languished as an underwhelming HSBC before finally closing. It is crowned with a bronze dome and flanked by stone guardian lions and is entering a new chapter. The landmark at 58 Bowery has been acquired for approximately $9.5 million by designer Alexander Wang and his mother, Ying Wang, as was first reported by Artnet. The purchase marks the first time the property has been under Chinese American ownership, shifting the building’s identity from a public financial center to a public cultural center.
58 Bowery, which houses the Wang Contemporary. Photo: Russell Low, courtesy of Wang Contemporary.
The Wangs are inaugurating the site as Wang Contemporary, a multidisciplinary venue dedicated to Asian and Asian American creative production. Their stated ambition is to position the space as both neighborhood anchor and international forum, hosting exhibitions, performances, and seasonal festivals, according to their web site. A portion of the programming will remain publicly accessible, reinforcing an emphasis on affordability and open participation within a district undergoing rapid change.
Since founding his fashion label in 2005 after studying at Parsons, Wang has built a global brand often associated with downtown minimalism. In recent years, his engagement with Asian visual language and symbolism has become more explicit, notably in runway presentations staged in culturally specific settings. Wang Contemporary extends that shift into a permanent civic framework that will give back to New York, translating his influential identity into physical infrastructure.
A statement on their about page reads: “Above each is a single word – wisdom, safety, thrift, and success – ideals once promised to depositors navigating the chaos of early 20th-century commerce. A hundred years later, the former bank is reimagined as a beacon of creative capital – revitalizing a corner of Chinatown for the world to experience and celebrate.”
Wang Contemporary will open this Friday through Sunday, for the three day program led by MSCHF, timed to the Lunar New Year.
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