Extell’s Gem Tower begins 34-story climb

Extell Development is following through with its plans to begin vertical construction at the site of its future International Gem Tower with or without a construction loan. The Wall Street Journal spotted workers erecting the 34-story tower’s steel base yesterday, and noted that despite its lack of construction financing, it is now one of just two New York City sites where large-scale office buildings are going up. (The other being, of course, the World Trade Center). According to Raizy Haas, Extell’s senior vice president, the Diamond District project, on 47th Street between Fifth and Sixth avenues, will be complete by the end of next year. The developer recently signed on tenants for upwards of 40,000 square feet of additional space at the building, including Antwerp-based Eurostar and the Gemological Institute of America, which bought another floor. That brings the project to about 25 percent spoken-for. [WSJ]