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

Languishing on the Market, Another Brokerage Tries to Pitch Retail at the Bowery ‘Bunker’

Here we are again. A year-and-a-half after the Green Depot vacated 222 Bowery, the former environmentally-concious hardware store remains a decrepit dormancy. Just look inside. There is now a collection of toilet bowls, random bags of concrete, and other construction sundries. But nothing is happening. Except that a new brokerage is trying again to sell […]

Netlix Comedy ‘Friends from College’ to Saturate Hell Square Today

Hell Square being the frat party it is, it’s really only fitting that a Netflix show called Friends from College would film here. The shoot is happening today, right in the heart of it, from Allen to Essex between Delancey and East Houston. So, expect clogged streets, for sure. The husband-and-wife team of Nick Stoller (Neighbors, […]

145 Ludlow Street Goes Nondo, Pitching a Penthouse at $16.5K

For the first time in more than a decade, there is a building sitting at 145 Ludlow Street. Not for artists, though. You need some serious coin to live here. The luxury residence was conceived and constructed as condos, but the owner reportedly decided to go rental instead. The marketing copy is quick to remind […]

Surveying the Anti-Trump Street Art Around the LES [PHOTOS]

With just over two weeks until Election Day, anti-Trump sentiment is reaching all corners of the Lower East Side. The street is talking, so here’s some of the artwork that’s sprung up in the last week. More so after the Trump-Clinton debate two nights ago. And Con$umr is definitely leading the charge with the Banksy […]

Serafina will Open its Ludlow Street Restaurant on November 16

There it is. It’s official. Yellow teaser banners at 98 Rivington Street promise that Serafina will open on November 16. Quite a surprise, actually. Build-out of this Lower East Side location has been ongoing for months – seemingly secretly – with painted gates closed. The advertising signs didn’t arrive until a few days ago (and […]

  • 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?


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


    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.