Jarmulowsky Bank Building Sheds Scaffolding

Posted on: July 22nd, 2010 at 6:12 am by

Holy Happy Shabu, Batman, the scaffolding is gone from the Jarmulowsky Bank Building on Canal Street. For years, this corner became a multipurpose space for graffiti artists and homeless alike.  Not anymore.

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Not too long ago, the bulky metalwork was dismantled and carted away, the lower level painted and scrubbed clean. Just like that, the iconic structure is no longer a symbol of urban decay.

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Ever since 54 Canal was purchased in 2005 for $25 million, rumors abounded that this gem would be converted to another Lower East Side hotel.  Possibly a W.  Yet here we are, five years later, and it still hasn’t happened.  The property was most recently put on the market last March via Massey Knakal, carrying a price tag of $37 million.  But the listing was removed shortly thereafter.  This jumpstart in activity could be a prelude to some development, though nothing conclusive is filed with the DOB. Yet.

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[Photo Credit: Emilio Guerra]

The Jarmoulowski Bank Building was designated a city landmark in October 2009, which amounts to a significant hurdle for developers wishing to alter or enhance the structure in any capacity.

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