DLJ scraps hotel plans for Jarmulowsky Bank building

Landlord will instead convert LES property to “creative office space”

New York /
Jun.June 08, 2016 10:19 AM

DLJ Real Estate Capital Partners put the kibosh on a Lower East Side hotel conversion plan that had been years in the making.

The Midtown-based firm is abandoning plans to create an Ace Hotel at the site of the landmarked, 12-story Jarmulowsky Bank building at 9 Orchard Road, instead opting to market the building as “creative office space,” it said a letter to industry insiders, Bowery Boogie reported.

The company is still in the midst of renovations at the 60,000-square-foot property, with plans to recreate the building’s original cupola, among other repairs.

DLJ bought the property for $36 million in late 2011. The hotel plan came at a time when Manhattan’s hospitality building boom was just getting off the ground. These days, new hotel building is way down, as is occupancy at existing properties.

In October, the developer bought 152 East 22nd Street in Gramercy Park for $34 million. [Bowery Boogie]Ariel Stulberg


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Tamir Shemesh and Nest Seekers’ CEO Eddie Shapiro
Tamir Shemesh joins Nest Seekers after Serhant exit
Tamir Shemesh joins Nest Seekers after Serhant exit
Urban Commons Taylor Woods with the Wagner Hotel
Urban Commons vs. the world: Firm shifts blame as FiDi hotel faces auction
Urban Commons vs. the world: Firm shifts blame as FiDi hotel faces auction
Triple Five Group CEO Don Ghermezian and American Dream Mall in East Rutherford (Getty, World Retail Forum)
Same old story: American Dream mall misses another payment
Same old story: American Dream mall misses another payment
50 West 66th Street and 1045 Madison Avenue
Manhattan’s luxury market starts February on a peak
Manhattan’s luxury market starts February on a peak
Hawkins Way Capital’s Ross Walker and Värde Partners’ IIfryn Carstairs with 525 Lexington
Shuttered East Side Marriott sold at $100M+ haircut
Shuttered East Side Marriott sold at $100M+ haircut
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...