The Real Deal New York

Ace Hotel primed for Canal Street expansion

June 26, 2012 03:00PM

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54 Canal Street

[Update, 5:15 p.m.: An Ace Hotel spokesperson denied that the brand was going to operate out of this space, according to the New York Observer.]

The Ace Hotel empire is expanding beyond Broadway to a second New York City location on Canal Street, according to Bowery Boogie. The old Jarmulowsky Bank Building, at 54 Canal Street on the corner of Orchard Street, was bought for $36 million late last year by DLJ Real Estate Capital Partners, which is now working with the Ace Hotel group to redevelop the 12-story property.

While details are sparse, Bowery Boogie said work is well underway on the 65,000-square-foot building, which has been covered in scaffolding for weeks. The renovation is being carried out by Lower East Side architecture firm Studio Castellano.

The Ace Hotel operates properties on 29th Street in Manhattan, and in Portland, Seattle and Palm Springs. The 20 West 29th Street location is owned by GFI Capital Partners and the Sydell Group and has been credited with helping to transform a previously overlooked stretch of Broadway.

DLJ was one of the developers of the Beatrice apartment complex, which sold to Sam Zell’s Equity Residential for $280 million earlier this month. [Bowery Boogie] [NYO]

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