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: ABC No Rio facebook page
DIY: Make Your Own Future Band Flyers for ABC No Rio’s Final Exhibit

You know all of those wouldn’t-it-be-great band names that you’ve come up with when you are in a slightly “altered” state? Here’s your chance to create that band. Well, sort of. ABC No Rio has been the host for many a hardcore punk band in the past. But their makeshift creative space, carved out of […]

Photo: The Guardian
The Strokes Announce Week-long Pop-up Shop at 352 Bowery

This week, hometown heroes The Strokes previewed new material from their forthcoming four-song EP. It’s the first concrete output since the band’s 2013 release, Comedown Machine. Future Present Past, as the record is dubbed, debuts on June 3 (though, currently on Spotify), via singer Julian Casablancas’ own Cult Records imprint. While native advertising has been […]

allen-bathhouse-asbestos-6
Back Inside the Long-Shuttered Allen Mall Bathhouse [PHOTOS]

The long-vacant Allen Mall Bathhouse is getting a deep scrub-down. As previously reported, the Parks Department last week commenced asbestos abatement activity with the purpose of returning the decades-old facility to community use. Namely, a “comfort station” that offers an affordable food stand and (possibly) bike repair station. Due to the ongoing work, we now […]

rivington-house
Tell Mayor de Blasio to Reverse the Rivington House Deal [PETITION]

It’s not enough that Councilwoman Margaret Chin introduced legislation to prevent another Rivington House situation from happening. Or that our public officials continue to assert that the deed restriction process will require more scrutiny in the future. Here’s what needs to happen: the $116 million deal needs to be rescinded, the lifted deed reinstated, and […]

calexico-space-1
City Marshal Comes for Calexico 9 Months After Closure; Croman Wants $12,500 for the Space

For the first time in forever, the roll-down security gates are open at 153 Rivington Street. The shutters have been perennially – more or less – closed since Calexico faded from the commercial landscape last July. Pasted to the window is the familiar computer-printed City Marshal seizure notice. The order was issued last week; better […]

  • 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.