Historic Tax Credits
$40.3 Million
State Historic Tax Credits
$5.0 Million
Total Project Cost
$240 Million
Project Partner
DLJ Real Estate Capital
Impact
Economic Development
Iconic Historic Preservation
History
The East Side JP Morgan
Located in the heart of the Lower East Side neighborhood of New York City, the 12-story high-rise was originally constructed in 1912 to house the second location of Rabbi Sender Jarmulowsky’s banking business, who would come to be known as the “East Side J.P. Morgan.” Jarmulowsky was born in 1841 in Grajewo, Russia, now a part of Poland. At age three, he was orphaned and raised by the Rabbi of Werblow. Considered a prodigy, Jarmulowsky was sent to an elite Talmudic academy and emerged with rabbinical ordination. He married the daughter of a wealthy Polish merchant and, in 1868, moved his family to Hamburg, Germany, to start a small shipping and banking operation.
Anticipating mass Jewish migration from Eastern Europe as a result of the growing war, he shifted his company’s focus to help German and Eastern European Jews flee to the United States. He used business and familial connections to purchase steamship tickets at a steep discount, passing nearly all the savings on to his customers. After five years, he, too, brought his family to the United States.
He arrived in the Lower East Side neighborhood of New York City, already a major Jewish immigrant neighborhood, and opened a new banking operation where he was met with almost instant success. Yiddish and Russian-speaking tellers facilitated banking transactions for the newly arriving immigrants. The bank was opened on Sunday, a day when most other banks were closed. This allowed Sabbath-observant Jews to take care of their financial needs on the weekend.
Although many poor immigrants and small business owners at the time were distrustful of banks, Jarmulowsky built an honest reputation for himself and was a well-respected community member who gave generously to local and philanthropic causes.
The business soon grew to the point where it would require a larger space. He contracted Rouse & Goldstone Architects, one of the first Jewish-owned architecture firms in the country, to construct the building located at 9 Orchard. The inclusion of a decorative dome on the roof would make the building the highest-grade building in Lower Manhattan. Unfortunately, Jarmulowsky died a few months before the building was complete. His sons took over the family business, but unfortunately, did not have the same level of business acumen as their father. The company closed within 3 years of his death, and the building was sold at auction. It would change hands dozens of times through the years until the early 2000s, when it became completely vacant.
Revitalization Efforts
An Award Winning Downtown Hotel
The historic Jarmulowsky Bank Building is now Nine Orchard, a luxury hotel and culinary destination in the heart of Manhattan’s Lower East Side. The restored 12-story landmark now welcomes guests and locals alike with 113 residential-inspired rooms, distinctive public spaces, and a mix of hospitality offerings that activate the building throughout the day and into the evening. The ground floor features two dining venues, Corner Bar, an all-day restaurant inspired by classic taverns, and Swan Room, a cocktail lounge set within the former bank teller room.
Additional event spaces, including a rooftop venue with sweeping skyline views, support private gatherings and celebrations. Across the property, original Neo-Renaissance details, restored millwork, ornamental ceilings, marble finishes, and the reconstruction of the iconic cupola removed in 1990 connect the hotel’s current use to its historic character.
The project has also received significant recognition since opening, including two MICHELIN Keys, Esquire Magazine’s New Hotel of the Year honor, and the Lucy G. Moses Preservation Award.
Check Out Similar Projects Here
Browse all projects
The Rialto Building
From Underutilized Office Space to Luxury Hotel
InterContinental Hotel Indianapolis
Historic Office Building Converted to 5-Star Hotel
The Bellevue
Revitalization of an Iconic Philadelphia Hotel
The Rialto Building
From Underutilized Office Space to Luxury Hotel
InterContinental Hotel Indianapolis
Historic Office Building Converted to 5-Star Hotel
The Bellevue
Revitalization of an Iconic Philadelphia Hotel
Want to Discuss Your Next Project? Talk With Our Team Today.
We bring clear insight, deep experience, and strategic focus to every project, whether you're structuring complex capital or shaping long-term, legacy-driven development.
