DLJ Real Estate sells Nine Orchard Hotel for $92M to MML Hospitality

DLJ Real Estate Capital Partners sold the Nine Orchard Hotel at 9 Orchard Street with an alternate address of 60 Canal Street for $92 million to MML Hospitality, based in Austin, Texas.

The Feed Me blog first reported that MML Hospitality was the buyer, but did not disclose a price.

DLJ Real Estate Capital Partners bought the property in 2012 for $5.3 million.

The S. Jarmulowsky Bank Building was designated a city landmark in 2009.

The deal closed on August 20, 2025 and was recorded on August 26, 2025. The property has 71,380 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,288 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on February 14, 2012, for $5.3 million. The signatory for DLJ Real Estate Capital Partners was Carmine Fanelle . The signatory for MML Hospitality was Larry McGuire . The contract date was July 11, 2025.

The property

The hotel building in Chinatown has 71,380 square feet of built space according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 87 feet and is 75 feet deep with a total lot size of 6,483 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $42.2 million.

Development

William Helm of Nine Orchard Partners, LLC submitted a new building construction project for a 9,898 square-foot business (B) building at 60 Canal St. The plan was filed on October 1, 2012 and was permitted on April 21, 2014. It calls for the construction of a 83-foot tall, six-story building and was filed with the New York City Department of Buildings under job number 121326216. The project is described in the filing as: construction of a six story new building.
For the tax lot building, it received its initial certificate of occupancy on May 4, 2017.

Violations and lawsuits

According to city public data, the property has received $9,675 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has near average sales volume among other neighborhoods with $233.6 million in sales volume in the last two years and is the 29th highest in Manhattan. For development, Chinatown has near average amount of major developments among other neighborhoods and is the 32nd highest in Manhattan. It had 447,887 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 22,096 square feet of the 124,525 square feet. The largest owner is Adam Woodward, followed by Fong Lum Corp. and then Jaime Solari. There are no active new building construction projects on this tax block.

The surrounding

Within a 400-foot radius of 12 Allen Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a sale which Ping Fai Chang bought the 12,325-square-foot, 16-unit rental (C8) on 25 Orchard Street for $5.5 million from Vivien Lau and Nhiem Khanh Hoang on May 15, 2025.
Direct link to the property’s ACRIS page and link to DOB NOW portal.