The Real Deal New York

Jarmulowsky Bank Building developers looking for $79M in EB-5 money

DLJ Real Estate Partners plans to transform the Lower East Side property into a hotel
January 15, 2018 05:10PM

jarmulowsky

The Jarmulowsky Bank building at 54 Canal Street

UPDATED, 2:07 p.m., Jan. 16: Wanted: $78.5 million in EB-5 funding for a luxury hotel coming to the Lower East Side.

DLJ Real Estate Capital Partners has teamed up with EB5 United and Advantage America New York Regional Center to line up the financing for its planned transformation of the Jarmulowsky Bank Building at 9 Orchard Street, according to EB-5 marketing materials found by the Lo-Down. The program offers legal residency to foreigners who invest a minimum of $500,000 in job-creating projects.

The development, which should cost $190 million overall, has been accepting EB-5 investments since last September, the marketing flyer states.

DLJ purchased 9 Orchard Street in 2011 for $33 million and has been renovating it extensively since. The company had originally proposed an Ace Hotel for the site, but in 2016 announced it would build a creative office instead. The developer’s plans reverted back last year, according to the Lo-Down.

Elsewhere in the city, SL Green Realty is seeking more than $200 million in EB-5 money for its under-construction office tower, One Vanderbilt. [The Lo-Down] – Eddie Small

This article was updated to include EB5 United.