The Real Deal New York

International Gem Tower closes first two office condo deals

December 03, 2012 02:30PM

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From left: a rendering of the International Gem Tower and Extell president Gary Barnett

Two precious gem companies have each purchased an office condominium at Extell Development’s International Gem Tower, marking the first deals to close at the property, a statement from the developer today said.

Malca-Amit USA and Kuperman Bros. Diamonds USA closed on the sales last week and will now begin building out their spaces, the statement said. Malca-Amit has just under 10,000 square feet; Kuperman has just over 3,000.

The 34-story 750,000-square-foot building at 50 West 47th Street should be ready for occupants by mid 2013, as previously reported.

“This building will bring tremendous prestige to Manhattan’s Diamond District and serves as an important addition to the city landscape and the real estate market,” Extell president Gary Barnett said in the statement.

Construction on the tower began last April. The building offers commercial space for lease as well as for sale as condos.

“We would like to thank New York City and New York State officials for supporting the project and sharing our vision for bringing a world-class gem and diamond industry tower to the city’s Diamond District,” Raizy Haas, senior vice president for development at Extell, said in the statement. –Guelda Voien

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