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On the Market: LES's Jarmulowsky Bank Back Up for Grabs

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The Jarmulowsky Bank Building at Orchard and Canal Streets, at one time the tallest building on the Lower East Side and still the coolest structure in the BelDel not named the Forward Building, has popped up for sale through Massey Knakal's Michael DeCheser and Philip Huang. The piece of LES history last sold in 2005 for $25 million, when the new owner set to work on emptying the commercial building. There was a rumor that the building was going to be sold again and converted to a boutique hotel (maybe a W), but a $40 million deal for the property fell through last year. The asking price for the 12-story building?which was built in 1911 on the site of the original Jarmulowsky Bank and is not landmarked?is $37 million.

Per the listing:

This offering is a unique opportunity for conversion to a hotel, condominiums with stores, or to be kept as its most recent use, commercial lofts with ground floor stores. From the upper floors, the panoramic views of New York City are unparalleled. The building lies in a C6-2G commercial zone and would require a special permit for conversion to residential use.If Orchard Street didn't already have five new hotels in various stages of completion, a Hotel Jarmulowsky would seem like a natural fit. Then again, it already has the "W" in its name...
· Listing: 54-58 Canal Street [Massey Knakal]
· LES W Hotel Rumor Revived: Jarmulovsky, Perhaps? [Curbed]