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

CM Chin speaking at Two Bridges environmental scoping session, Feb. 2017
LES Community Group Slams CM Chin for Colluding with Developers, Demands She Step Down

The Coalition to Protect Chinatown and the Lower East Side is demanding that Councilwoman Margaret Chin step down. The grassroots organization, which counts more than a dozen other local groups in its ranks, claims that the politician is firmly in the pocket of big-money developers. That’s not a stretch, either. One need only have attended […]

allen-street-hotel-update-2_wm
9-Years-Stalled ‘Allen Street Hotel’ Back from the Dead with New Renderings (and Window Panels)

Against the odds, one of the longest stalled projects on the Lower East Side – it should be a punchline – just returned to life. Back from the dead, it seems, the sixteen-story Allen Street Hotel now has some new flair to discuss, the first real progress onsite since February 2011. This single window panel on the […]

beckenstein-galerie-perrotin-orchard_wm
‘Galerie Perrotin’ Opens at Orchard Street’s Beckenstein Building Tomorrow

Over at 130 Orchard Street, gone is the plywood and daily train of dumpsters at curbside. This gallery is ready to roll. Only partially complete – construction has been ongoing since the fall – the ambitious new outpost of Galerie Perrotin debuts tomorrow at the Beckenstein building on Orchard Street. The ground floor of the five-level showroom […]

ludlow-fight-dl
Sunday Night’s Boozy Brawl at The DL was the 2nd Since February

It was a boozy brunch that ended in a brawl twelve hours later. And now the fallout. Sunday evening, shortly after 11pm, a crowd outside The DL turned violent. Surveillance footage released by the 7th Precinct shows that the altercation escalated when two women began hitting each other, one of whom was violently pushed to […]

100norfolk-glass-1_wm
12-Story Cantilevered Condo at 100 Norfolk Undresses to Reveal its Glass

‘Tis the season for disrobing … for several neighborhood project sites. The latest is the 12-story cantilevered condo development at 100 Norfolk Street, which began the piecemeal removal of scaffolding yesterday. Underway since early 2013, the multimillion-dollar residential development rivals its neighbor Blue for most assaulting on the eyes. (Guess that’s what happens when there’s “little […]

  • 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.