Jarmulowsky Bank Building for Sale Again

Posted on: September 8th, 2010 at 6:33 am by

The Jarmoulowski Bank Building at 54-56 Canal Street could bounce back to life very soon. In mid-July, we revealed that the iconic Lower East Side structure lost its years-old network of scaffolding, and was quickly scrubbed clean of ancient graffiti. Now some listings are starting to surface.

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The 12-story property, located at the southwestern corner of Canal and Orchard Streets, has been on and off the market numerous times in the last few years. It sold in 2005 for $25 million, and was back on the block four years later for $37 million.  In that time, rumors swirled that another hotel was to open here, possibly even a W.

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Well, it might be time to resurrect those rumors. According to said real estate listing, the broker is again trying to sell the neighborhood landmark as an investment opportunity for condo or hotel conversion (130 rooms!). Total asking price remains at the former $37 million level.

A 65` wide 12 story vacant loft building.The property has 3 retail stores on the ground floor, two freight elevators, one passenegr & 1 freight. The property has 12` ceilings on floors 2-12 and 15` ceilings on the ground floor.The structure of the building is fireproof, & is sprinkled throughout.The sender Jarmulovsky bank building was built in 1911 it has concrete floors that can take on lots of loads.The property has a beautiful facade with nice architectural details.

Plot: 65.58 x 73` Built: 66 x 73

Zoning: C6-2G F.A.R.: 12.6 (Allowed: 6.02)

Remarks: The building is a great conversion opportunity because of the size of the floors and the corner exposure.The building can also be great for a Hotel user.All the architectural plans are in place for a 130 room Hotel.This is the tallest building on the block and has panoramic views of lower Manhattan.It’s one block from the F train and 1 block from the bus stop.

But this was posted on Craigslist, so it’s taken with a ginormous grain of salt.

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