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.
the real deal by email
news by neighborhood
New Jersey Bronx Long Island Queens Other Brooklyn Neighborhoods Kensington / Windsor Terrace / Ditmas Park Staten Island Red Hook / Gowanus Boerum Hill / Cobble Hill / Carroll Gardens Park Slope / Prospect Heights Bed-Stuy / Bushwick Fort Greene / Clinton Hill Dumbo / Brooklyn Heights / Downtown Williamsburg / Greenpoint Lower Manhattan East Village / Lower East Side Tribeca / Soho West / Greenwich Village Murray Hill / Gramercy Chelsea Far West Side Midtown Upper West Side Central Park Upper East Side Harlem Inwood / Washington Heights