The Real Deal New York

Extell Development filed plans with the Department of Buildings last month to lower the height of its planned Gem Tower in the Diamond District to 32 stories from 39 stories, and its overall floor area to about 750,000 from 850,000 square feet. A ceremony will be held today with Mayor Michael Bloomberg and Extell CEO Gary Barnett to launch the $750 million project at 50 West 47th Street, although it’s not a done deal. Extell still needs a construction loan for the project, but Barnett said he is confident that he will obtain financing next year after he’s secured buyers’ commitments for most of the diamond-user space in the tower, which is marketed as industrial condominiums.