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Ace Hotel Converting Jarmulowsky Bank Building on Canal [Update]
Let’s take a quick stroll down to the iconic Jarmulowsky Bank Building at 54 Canal Street. And why the hell not? It’s been almost six months since news first dropped that Equity Management sold the Beaux-Arts masterpiece to “DLJ Real Estate Partners” for $36 million. Sounds like a straight-up story, but there’s way more to this than meets the eye!
Sources are now revealing that the corner of Orchard and Canal Streets is to welcome another valuable property into the Ace Hotels empire (no word on actual name yet). What’s more, the conversion to trendy inn is speeding along at a breakneck pace. Plenty of movement – scaffolding has been hugging the corner for weeks and the lights are often visible through the windows. The joint is on complete lockdown, though.
DOB permits for the Jarmulowsky Bank indicate that local architectural firm Studio Castellano is behind the new Ace Hotel. The design house, led by longtime Lower East Sider Ronald Castellano, is responsible for other high-profile projects nearby. For instance, the Jewish Forward condo conversion at 175 East Broadway, rotating restaurant Limited Time Only, and facilitating launch of the uber-successful Hester Street Fair.
As a related post-script to this whole story, it’s worth mentioning that Equity Management is none other than the infamous Mr. Baruch Singer, whose headquarters is at 95 Delancey. The deed and previous DOB paperwork prove as much.
UPDATE: An Ace spokesperson is denying the brand’s involvement in the project.