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: The Corpse Corps
The World Isn’t Ready for Julian Casablancas + the Voidz

The world isn’t ready for Julian Casablancas + The Voidz. Just like The Strokes were the pioneers of the post punk indie revival, the latest endeavor by Julian Casablancas is exponentially kicking it up a notch in the musical avant-garde. Deceptive in the simplicity of its track titles (“Nintendo Blood,” “Xerox,” “Business Dog”), the band’s latest album Tyranny forces you to take a […]

moscot-band
Moscot has a House Band with Dr. Moscot on Guitar

Moscot rocks out with the best of ‘em. The last two consecutive Thursdays, after hours, we spotted a four-piece band rehearsing inside the Orchard Street store. A double take proved that fourth-generation owner Dr. Harvey Moscot was indeed wielding a six-string (i.e. Fender Stratocaster). Moscot PR tells us that the house band is called “The […]

duchesse-orchard-2
New Orchard Street Bakery ‘Les Jardins de la Duchesse’ Will Carry a Bacon-Wrapped Eclair

Modern Fashion & Style on Orchard Street closed over the summer so that a new French bakery could sling pastries. During those interim months, contractors have been tearing apart the commercial space of 138 Orchard. We heard chatter along the way that the newcomer was some sort of bakery. Confirmation arrived yesterday afternoon with the new store […]

Photo: TH
Councilwoman Margaret Chin Calls for New 25 MPH Speed Limit Signs Along South Street

In a couple weeks (November 7), the city speed limit will shift to the lower default of 25 mph, following legislation that was recently passed into law. Councilwoman Margaret Chin is on the offensive, demanding proper street signage for the most dangerous traffic corridors. In a letter to DOT Commissioner Polly Trottenberg, she singles out […]

aaa-ichiban-closed-2
AAA Ichiban Sushi on Orchard Street Closes Ahead of Ben Shaoul Development

The northeast corner of Orchard and East Houston is slowly giving up the ghost. As we’ve been reporting, controversial landlord Ben “Sledgehammer” Shaoul purchased the L-shaped low-rise strip and is gradually booting the businesses. We lost Bereket and Philly’s Cheese Steak over the summer; Taqueria will soon move up to St. Mark’s Place and received blessings from […]

  • 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.