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A century-old bank at the edge of Chinatown is getting a dramatic second act—and it’s coming from one of fashion’s most recognizable downtown names. Today, designer Alexander Wang and his mother, businesswoman Ying Wang, officially debut The Wang Contemporary, a new cultural hub dedicated to Asian and Asian American creativity inside the landmarked domed building at 58 Bowery.
If you’ve ever passed the Beaux-Arts structure at Bowery and Canal Street—the one with the bronze dome and stone lions guarding the entrance—you’ve seen the former Citizens Savings Bank, a 1920s-era institution that was once a symbol of financial stability for New Yorkers. Now, instead of deposit slips, expect art installations, performances and cross-disciplinary programming. The building itself, which was completed in 1924 and later landmarked, has long been a visual anchor at the gateway to Chinatown, thanks to its monumental arches and sculptural facade.
The Wangs purchased the property for a reported $9.5 million, marking the first time in its century-long history that the landmark has been owned by Chinese Americans. Their goal isn’t just to add another gallery to Lower Manhattan’s crowded cultural landscape, but to create a platform for the convergence of art, fashion, music and design.
“Our roots are in Chinatown. Our vision is global. We are building a home for Asian creativity, one that belongs to the community—and the world,” the founders wrote on Instagram.
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The launch kicks off with a three-day performance-based exhibition by art collective MSCHF, known for viral projects that blur the line between art and spectacle. Timed to the Lunar New Year, the inaugural show will turn the historic banking hall into a playful, participatory environment, setting the tone for a calendar that will ultimately feature everything from festivals to interdisciplinary collaborations.
For Wang, whose namesake label helped define downtown cool in the mid-2000s, the hub is part of a broader expansion beyond fashion. In recent years, his work has leaned more visibly into Asian identity and cultural storytelling, from runway shows staged in Chinatown settings to collections inspired by family and heritage. The new space continues that trajectory.
Of course, the organization isn’t arriving in a vacuum. Chinatown has faced rising rents and shifting demographics and both Wang and his mother have framed The Wang Contemporary as a gathering place meant to support, not overwrite, the neighborhood’s creative ecosystem. “Change shouldn’t come at the expense of identity or community,” they told Artnet, emphasizing plans to involve neighbors in future programming. Some events will be free, part of an effort to keep arts access approachable.
Think of it less like a museum and more like a living clubhouse for contemporary culture—one where the next wave of Asian creativity takes center stage starting today.