Going Inside the Jarmulowsky Bank Hotel [PHOTOS]
As part of its area charm offensive, DLJ Real Estate Partners recently opened the doors to the Jarmulowsky Bank Building during its conversion to posh boutique hotel. The iconic Beaux Arts-style landmark has been under renovations for nigh on six years already, resulting in a new construction next door and the addition of a replica rooftop cupola.
The following photos come courtesy of the Eldridge Street Synagogue. Certainly an appropriate source, as the eponymous bank owner behind the landmarked structure was once a member of the house of worship.
Upon its completion in 1912, the Jarmulowsky Bank was the tallest structure in the area, standing alone at twelve stories. (Lower East Side legend tells us that the dome was added to ensure its status as the tallest building around.) Sender Jarmulowsky had been running his eponymous financial institution since 1873, whose bread and butter was boat passage for immigrants. But the outbreak of World War I spelled disaster for the institution. The German immigrant investors pulled their funds to send to relatives abroad.
Equity Management sold the landmarked corner property to DLJ Real Estate Partners in 2012 for $36 million. The seller initially purchased the 60,000 square-foot property from Cwc Inc. in 2005 for a cool $25.25 million, armed with gilded dreams of a posh hotel conversion. That never happened, and EM instead held onto their fallow investment through the economic downturn.
Gallery photos courtesy of the Eldridge Street Synagogue.