Lantern Lifted to the Top of Jarmulowsky Bank Building

Photo from a friend of TLD.

Photo from a friend of TLD.

If you were walking past Canal Street and Orchard Street Sunday morning, you likely came across a dramatic scene. A huge crane was in place to hoist a copper-coated lantern to the top of the Jarmulowsky Bank Building.  It’s the last major decorative element that needed to be installed before the scaffolding comes off, and the Jarmulowsky is reborn as a boutique hotel.

The 2,200 pound lantern now sits atop a 50-foot dome-spire, which is also covered in copper. The restoration of the spire is a big deal. The original dome was removed in 1990. But now the 1912 city-designated landmark has been returned to its former glory.

The Jarmulowsky building, located at 9 Orchard St., was purchased by DLJ Real Estate in 2011. The restoration has been in incredibly lengthy and arduous ordeal. (Read more of the back story here).





Inside Nine Orchard, New Hotel Coming to Historic Jarmulowsky Bank Building


The 1912 Jarmulowsky Bank Building has been covered in scaffolding and shrouded in secrecy for several years. Now the owner, DLJ Real Estate Capital Partners, is raising its local profile ahead of the anticipated opening of a boutique hotel in the historic Lower East Side property next year.

This month, representatives from various neighborhood organizations have been invited inside the 12-story tower at 9 Orchard St. (54 Canal St.) We tagged along on one of those recent hard hat tours through the historic landmark. Our hosts were Kristen Korndoerfer of DLJ Real Estate, and Kerri Culhane, an architectural historian who has been working with the developers, and architect Ron Castellano, to make sure the restoration is historically faithful. Culhane knows the neighborhood well, having documented many of the Lower East Side’s most important buildings and serving until 2016 as associate director of the Two Bridges Neighborhood Council.

The Jarmulowsky property was purchased in 2011 by DLJ for $33 million. The owners knew the restoration project would be complicated in a city-protected landmark, but they could not have anticipated just how long and expensive the endeavor would become.

Some of those complications were due to the owners’ own decision to go beyond what the Landmarks Preservation Commission required (restoring a spire on top of the building, for example, was the developers’ call). But there were other factors, too. Extensive stabilization work was required at the cellar level. An extension of the Jarmulowsky to the west was also time-consuming. Even though it was intended to be part of the main structure, the city required the owners to build the addition as a separate building with its own certificate of occupancy).

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Korndoerfer said the hotel, known as Nine Orchard, is on target for an opening in the early summer of 2019. While each floor is still very much a construction zone, she explained, the most difficult parts of the restoration project have been completed. “Now it’s really a matter of putting the pieces together,” said Korndoerfer.

Overall, the hotel is meant to evoke old New York. The first floor features a soaring ceiling and beautiful arched windows. There will be a small lobby for hotel guests, with an entrance on Orchard Street, and three distinct dining/drinking spaces on the main level. They include a lounge running across the eastern end of the building, a formal restaurant and a more casual “neighborhood” restaurant opening onto Allen Street.

The team behind the food and beverage operations at the Eventi Hotel (on 30th Street) will be running the restaurants, but they won’t be offshoots of other dining establishments. The restaurants will be unique to the Nine Orchard hotel. The owners/operators have not yet sought approval from Community Board 3 for liquor permits, but that’s coming.

Preliminary rendering of the lobby/lounge area.

Preliminary rendering of the lobby/lounge area.


The ornate ceiling in the lobby of Nine Orchard.

The ornate ceiling in the lobby of Nine Orchard.

On the second floor, there are two spaces for private events. Korndoerfer said a lot of thought is being given to the flow of pedestrian and auto traffic around the hotel. Guests going to events on the second floor will enter on Allen Street, which can handle crowds more easily than Orchard.

Second floor events space is located in the newly constructed part of the building, looking out on Allen Street.

Second floor events space is located in the newly constructed part of the building, looking out on Allen Street.

The 116 guest rooms are located on floors 3-12. Each one will be different, but all feature high ceilings, big newly constructed windows and period-style furniture (those pieces are being fabricated from antiques).


The highlight of the tour was a trip to the roof, which offers sweeping views of the Lower East Side, and the uptown skyline, even on a rainy day.


It’s also where we got a close up look at the Jarmulowsky’s 50-foot spire, which only has metal framing now, but which will soon start to take its final form.

When the building was landmarked in 2009, the Landmarks Preservation Commission described the tempietto as, “a two-story-high circular pavilion with a round dome ringed by eagles and topped by a pinnacle.” It was unceremoniously removed in 1990, which the New York Times wrote, instantly reduced the building, “from the exceptional to the ordinary.”

In her research, Kerri Culhane dug up old photographs and other details, allowing architects and fabricators to create a historically accurate facsimile. The next steps will be moving scaffolding into place, and then assembling the new terra-cotta pieces like a puzzle around the metal structure. Finally, the dome will be coated in copper. At nighttime, the spire will be bathed in white lights. There will also be a staircase that winds up into the dome, allowing people to go to the tip of the building.





The roof has been almost completely rebuilt (it hadn’t been touched in years). There’s a new green roof, and the decorative stone railings have been recreated (some of the pieces on the roof are made of geo fiber reinforced concrete, others plastic). The space, which will include a trellis structure with an awning, is going to be reserved for private events. Korndoerfer said the owners recognize that the Lower East Side community has little interest in another rooftop bar, so they’ve decided against creating a public venue on the roof.

Over the years, DLJ has floated different ideas for the Jarmulowsky Bank Building. Recognizing that the hotel market was becoming saturated, they considered leasing the property for offices. They also thought about handing management to the Ace Hotel team. But ultimately, Korndoerfer said, they decided that a one-of-a-kind hotel, which will be unlike any other property on the Lower East Side, held the most appeal.

If all goes according to plan, Nine Orchard will be open for business at this time next year.

Jarmulowsky Bank Project Seeks $73.5 Million in Funding From Foreign Investor Program

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The restoration of the historic Jarmulowsky Bank Building at 9 Orchard St. has been going on for years, and plans to open a new luxury hotel there have been shrouded in secrecy. So any tidbit concerning the project is of interest to us. Today we noticed a press release which offers a few clues about the financing of the hotel, sure to be one of the Lower East Side’s new hot spots.

It was put out by NES Financial, a firm that offers services to administer complex financial transactions. The property owner, DLJ Real Estate Capital Partners, is utilizing the EB-5 Program, which offers legal residency to people from other countries if they invest at least $500,000 in projects that create jobs.

The press release says, “the EB5 United (the program sponsor) and DLJ Real Estate Capital have partnered with Advantage America New York Regional Center to facilitate a $73.5 million EB-5 investment in Nine Orchard Street, toward a nearly $200 million total capital raise.”

According to an EB-5 flyer, “9 Orchard” has been accepting EB-5 investments since September of last year. It says the total project costs are a whopping $190 million. More than $100 million is coming directly from DLJ equity. The flyer talks up the Lower East Side as “one of New York’s hippest neighborhoods” with “more art galleries per capita than any other neighborhood in NYC.” It also notes that average apartment rents on the Lower East Side have increased 46% between 2012 and 2016.

9 Orchard St.

9 Orchard St.

The property at 54 Canal St./9 Orchard St. was purchased in 2011 by DLJ for $33 million. The city landmark has been undergoing a painstaking restoration, including the recreation of a 50-foot-high domed spire on the top of the building. The owners were set to go before Community Board 3 last year in their quest for multiple liquor licenses at 9 Orchard, but those appearances were cancelled.

The EB-5 program is controversial for a couple of reasons. When it was introduced by the federal government in 1990, EB-5 was meant to generate jobs in areas with high unemployment. In recent years, real estate developers have used the program to fund a large number of luxury projects in posh neighborhoods. Jared Kushner, the president’s son-in-law and senior advisor, has used EB-5 to finance some of his real estate ventures. Some of these dealings have reportedly come under scrutiny by federal investigators.

The Jarmulowsky Bank Building is Once Again a Hotel; Liquor Permits Requested

9 Orchard St.

9 Orchard St.

Here’s something to look forward to in September. We’re likely to learn more about plans by the owners of the Jarmulowsky Bank Building to open a hotel in the 12-story, landmark-protected property.

The property at 54 Canal St./9 Orchard St. was purchased in 2011 by DLJ Real Estate Capital Partners for $33 million. Local architect Ron Castellano has been overseeing a painstaking renovation of the building during the past several years. Earlier this month, a gigantic crane was brought in to hoist the framework for a 50-foot domed spire to the roof. Original plans called for a hotel, but DLJ shifted gears last year, floating the idea of leasing the building for offices and retail.

Now the hotel concept is back on. The development team planned to go before Community Board 3 in August, seeking support for a liquor license. The application has now been pulled. You can expect it to re-emerge in September.

According to sketchy information available on CB3’s website, a full liquor permit is being requested on behalf of Sixth Avenue Restaurant Management. That’s the LLC associated with L’Amico, the Italian-ish restaurant from Laurent Tourondel at the Eventi Hotel on 6th Avenue (at 30th Street). Tourondel’s publicist did not reply to a request for comment. The contact name on the application is Steven Carter, managing director at DLJ. The application indicates the restaurant or restaurants would include live music.

According to Department of Buildings records, the first floor of the hotel will include a restaurant and bar. There’s also a bar and lounge on the second floor. Hotel rooms are located on floors 3-12, and there’s an “accessory lounge” on the top floor.

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The Jarmulowsky is known as, “Nine Orchard Street” on DLJ’s website.  “The investment strategy,” the developers note, “is to complete an extensive rehabilitation to convert the property into an upscale, independent hotel.” Here’s more:

The neighborhood around the property is rapidly improving.  The property’s distinctive architectural character and full block presence allow for an impactful, authentic redevelopment.  DLJ RECP’s investment theme in Nine Orchard Street is similar to other properties in our portfolio – we identify underperforming assets in neighborhoods positioned for sustained growth.  In this case, we believe that our redevelopment of Nine Orchard Street will further catalyze the improvement of the surrounding neighborhood.

The surrounding neighborhood has, of course, changed a lot since DLJ purchased the Jarmulowsky Bank property six years ago. Division Street and Canal Street have become restaurant/nightlife hot spots. The SPaCE Block Association is active in this area and can be expected to weigh in on the proposed liquor license/licenses.

In a 2015 prospectus for foreign investors of an unrelated project, DLJ said the development costs for the Lower East Side building were $90 million. The deep-pocketed firm is sparing no expense to restore the Jarmulowsky to its former glory. That will likely count for something with the community board, but members of the liquor licensing committee are sure to have some tough questions for the applicants about the scale of their nightlife operations.

DLJ did not respond to our request for comment.

50-Foot Dome Moved Into Place on Roof of Jarmulowsky Bank Building


Have you noticed the prominent addition to the historic Jarmulowsky Bank Building on Orchard Street?

On Saturday, crews hoisted a giant dome and positioned it atop the 12-story building, which has been undergoing a painstaking restoration for several years. Until 1990, a grand 50-foot tall tempietto was the most distinguishing characteristic of the tower at 54 Canal St./9 Orchard St. A previous owner had removed the dome, but now it’s been re-fabricated and moved into position on the roof. Here are two photos taken by TLD reader Alexei Griebsch:

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Here’s what the Landmarks Preservation Commission had to say about the dome in 2009 when the Jarmulowsky was designated as a NYC landmark:

The building’s rounded corner culminated, until the early 1990s, in a two-story-high circular pavilion with a round dome ringed by eagles and topped by a pinnacle, which was probably inspired by Athens’ Choragic Monument of Lysicrates (334 BC), the basis for New York’s Soldiers’ and Sailors’ Monument (Stoughton & Stoughton with Paul E.M. DuBoy, 1897-1902, a designated New York City Landmark) and for the crown of McKim, Mead & White’s Municipal Building of 1907-14 (a designated New York City Landmark). This feature accentuated the corner’s vertical thrust, affirming the building’s monumental status on the Lower East Side and drawing attention to it from Straus (then Rutgers) Square two blocks to the east, the neighborhood’s historic center of Jewish life.


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The Jarmulowsky Bank Building is owned by DLJ Real Estate Partners. Plans have shifted back-and-forth in recent years for the property, which at various times has been the future site of a boutique hotel or an office building. The restoration is being overseen by local architect Ron Castellano.

Have a Look at the Detailed Plans For the Jarmulowsky Building’s New Dome

Jarmulowsky Owners Decide to Restore Large Dome Atop Hotel