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

essex-market-demolition-1
For the Essex Market Building on Site 2, It’s One Step Closer to Demolition

Down at the old Essex Market building below Delancey Street (aka Site 2 of Essex Crossing), it’s a flurry of activity preceding the inevitable wrecking ball. Demolition crews have been busy this week installing the requisite scaffolding, sidewalk bridge, and plywood along the perimter of the brick building. Full takedown will soon commence and last […]

orchard-hell-building-retail
Hotel Indigo on Orchard Street Delayed Until September 2015; Retail Hype Coming Soon

Hell, what’s another six months when the project has already run a decade and cost countless millions in both currency and complaints. So it is with the Hotel Indigo on Orchard Street, which continues to live up to its Hell Building nickname. According to the booking website, the 23-story lodge won’t start accepting reservations until […]

dimes-canal-1
An Early Look Inside Dimes 2.0 on Canal Street

You’re looking at the almost-ready interior of Dimes 2.0 at 49 Canal Street. The much larger space – now with an arched design – is easily twice the size of the OG location. As previously reported, it’ll offer an expanded kitchen, additional seating, and the benefits of a full liquor license (still pending at the […]

vote-pedro
‘Vote for Pedro’ is a Mexican Eatery Vying for 17 Essex Street

Contain your liger’s excitement, for a thin slice of Napoleon Dynamite is headed to Seward Park. Translation = another restaurant is angling to open in this once-storied district of Judaica. Just a few doors north of the forthcoming Salvadoran restaurant Cabalito, a Mexican restaurant is currently in the infant stage of development. Working title of […]

civilianaire-closed-2
Civilianaire Fails Out of 53 East Houston After Two Years

We saw this one coming a mile away. A death watch that came to pass. The year-long 50%-off merchandise sale became a rather sure indication of demise. It was just a matter of when. Well, that day of reckoning arrived yesterday for the Civilianaire boutique on East Houston, where a constant placement of window signage […]

  • 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.