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

New York /
Jan.January 15, 2018 05:10 PM
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.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Union Square Park to gain 2 acres in $100M plan (Getty_

Union Square Park to gain 2 acres in $100M plan

Union Square Park to gain 2 acres in $100M plan
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)

Santa Monica mega-portfolio officially hits market

Santa Monica mega-portfolio officially hits market
A rendering of 250 Water Street and Howard Hughes Corporation CEO David O'Reilly (SOM; Getty; iStock)

Howard Hughes’ Seaport project dealt major blow

Howard Hughes’ Seaport project dealt major blow
arrow_forward_ios

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

Loading...