Ace Hotel Converting Jarmulowsky Bank Building on Canal [Update]

Posted on: June 26th, 2012 at 6:49 am by

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.

Recent Stories

Photo: GVSHP
A Battlefield Update Regarding B&H Dairy and its Struggle to Reopen

Here’s an update from the battlefield, where B&H Dairy continues its post-explosion pursuit to finally reopen at 127 Second Avenue. The dispatch comes courtesy of Andy Reynolds, East Village resident and ad-hoc advocate for B&H. June 29 B&H and City Hall update, following an email exchange between me and Susan Stetzer, District Manager, Community Board 3, […]

Sheldon Silver's puppet show, Photo: Art Y.R. Minor
It’s Time to End Sheldon Silver’s Reign of Shame, Part I [OP-ED]

With his power gutted in Albany, ex-Assembly Speaker Sheldon Silver has returned home. He is popping up everywhere on the Lower East Side these days, from Lunar New Year celebrations to award ceremonies and ribbon cuttings. These high-profile maneuvers are a calculated effort to whitewash his recent indictment on federal corruption charges in order to […]

165chrystie-oda-1
Boxy 10-Story Condo Tower to Rise at 165 Chrystie Street

Mum has been the word at 165 Chrystie Street ever since Master Kitchen Supplies relocated across the park to the 38 Delancey condoplex. When scaffolding arrived onsite at the end of last year, it was the first sign of certain change. In fact, a ten-story tumor is on its way to the mid-block parcel. ODA-Architecture […]

jin-sushi-broome
‘The Lucky Bee’ Buzzes Broome Street with Southeast Asian Fare

The low-key block of Broome Street between Orchard and Ludlow is seeing a whole lot of activity these days. Commercial stock is currently in transition, all while works on Essex Crossing Site 1 ramps up. We saw Munch Gallery depart the scene earlier this year and Kottu House take up residence. Local favorite Jin Sushi is […]

taco-recipes-1
‘Taco Recipes’ Restaurant Coming Soon to Essex Street

23 Essex Street – across from Seward Park – is an address that now carries two ethnic restaurants in its base. We touched upon newcomer Sam’s Spring Roll, which began serving its namesake menu last week. And now another. Taco Recipes is coming to the dance floor; its signage was hoisted yesterday. Little is known, […]

  • david

    Wow, that’s going to be a real game changer for the area around there. Gonna boost all rents I’d imagine…

  • Jon JOn

    ugh the douchewaters are going to be high once this opens. No thanks. Who needs an Ace hotel on Canal Street. Really going to be a loss of identity down here. Sorry no support here. I’m sure there will be a club that will attract all the meatpacking district types.

    • LES_since_’95

      you think…??? dude, the neighborhood is the next meatpacking. ace hotel on canal/orchard and do you know whose doing the hotel on ludlow next to the ludlow residence. buckle up JonJon.

      • Jon JOn

        if you’re talking about the SVA ludlow residence on Ludlow and Delancey thats a different story. Yes, that is already meatpacking junior. But Canal street is fairly quiet still, not meatpacking down here just yet. Not until the hotel opens that is. Then it will really live up to the name Lower East Meatpacking once all the bars follow suit.

  • DeadRinger

    I heard someone is going to open a hotel next door called the “Of Spades.” This is strange to have an Ace and Of Spades next door to each other, no?

  • LES RES

    The Ace has nothing to do with this project. From what I can tell they are building this thing the right way.

  • LES4LIFE

    hey why not wave a big flag inviting 7-eleven, starbucks and dunkin to come and take over the hood. Its about to happen on Grand street. I grew up here and its sad.