Jarmulowsky Bank Building Sold for $36 Million

Posted on: January 4th, 2012 at 6:18 am by

Ladies and gentlemen, we have a winner…!

This image has been archived or removed.

Years of on-again-off-again antics have finally concluded at the historic Jarmulowsky Bank Building. The International Business Times is currently reporting that New York-based Equity Management (“EM”) recently sold the landmarked corner property, situated at 54 Canal Street, to DLJ Real Estate Partners for $36 million. That’s $1 million less the asking price a year ago. The seller initially purchased the 60,000 square-foot property from Cwc Inc. in 2005 for a cool $25.25 million, armed with possible plans of a posh hotel conversion. That never happened, and EM instead held onto their fallow investment through the economic downturn.

This image has been archived or removed.

The corner-hogging 54 Canal Street was last on the chopping block in the fall of 2010, but the real estate market was still too soft and failed to fetch any buyers. Now with a new owner in DLJ, which is actually an offshoot of Credit Suisse bank, the Lower East Side can likely expect the ambitious hotel conversion project to bear fruit this time around. At least that’s the word on the street. Not too surprising.

There are also three ground-floor retail spaces with frontage on both Orchard and Canal. If we had to guess, the commercial space will become hotel bar/upscale foodie restaurant. Great.

The Jarmulowsky Bank Building is easily one of the most recognizable structures in the neighborhood. Indeed, upon completion in 1913, it was the tallest building in the area, standing alone at twelve stories. Sender Jarmulowsky had been running his eponymous financial institution since 1873, but the outbreak of World War I spelled disaster.  The German immigrant investors pulled their funds to send to relatives abroad.

Recent Stories

The ‘Plus Pool’ Might Soon be a Reality off Two Bridges Coastline

More than ten years in the making, a daring pool pitch is a lap closer to reality in the East River. Just in time for a slate of new luxury skyscrapers. The so-called Plus Pool (stylized +POOL), that intriguing self-filtering swimming pool, will park in the Two Bridges neighborhood in the not-so-distant future, according to […]

Man Punches Woman to the Ground on Essex Street After Demanding Money

Police released surveillance imagery of a mugger who knocked down a woman on Essex Street last week after demanding money. According to the police report, the 57-year-old victim was approached by the suspect at about 8:20am Thursday morning, near the corner of Canal Street. The man demanded money then began pummeling her. He punched her […]

21 Pell Street Awarded Grant for New Chinatown Programming

Some funds are headed to 21 Pell Street. In April, The Lower Manhattan Cultural Council awarded the program with $4,500, monies that will be used to support and expand the free community programming in Chinatown. Founded by legendary late photographer Corky Lee, 21 Pell Street showcases the talent and contributions of Asian Americans through photo […]

Poolside Facebook Pics Ensnare Wanted Clinton Street Road Rage Shooter

The suspect wanted in connection with a stray-bullet shooting that injured a 75-year-old woman on Clinton Street was arrested this week in Florida thanks to some Facebook photos. Detectives identified, then came across photos of Bronx resident Carlyle Herring, 42, lounging poolside with palm trees in the background. They then scoured his profile for clues […]

Alife Shuts Down After 22 Years on the Lower East Side

Alife, the seminal streetwear brand born on the Lower East Side, is closing its flagship store on Rivington Street and leaving the neighborhood. The shutter draws a curtain on more than two decades of retail in the neighborhood. Alife’s General Manager Treis Hill revealed the news on Instagram late-day yesterday, thanking everyone “that helped make […]