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. [more]

The Gem Tower and Raizy Haas, senior development vice president with Extell

Extell’s upcoming International Gem Tower has 100,000 square feet worth of contracts, plus another 50,000 to 75,000 square feet of space that’s in negotiation, Raizy Haas, the company’s senior development vice president, told the Post. The 34-story project at 44 West 47th Street was designed by Skidmore Owings & Merrill as a new home for the gem business and is being sold as commercial condos. The Gemological Institute of America took on one floor, or 30,000 square feet, in January, and several Israeli companies have reportedly signed contracts since then. The foundation is complete and construction is slated to finish in 2012. “We’ll be out on the street in the next few months bidding out work to the major trades — steel, concrete and elevators,” Haas said. [Post, 4th item]
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Extell’s 34-story International Gem Tower at 44 West 47th Street has just won a shiny new occupant. The Gemological Institute of America has signed a contract to buy one floor, or 30,000 square feet, in the building for its New York laboratory. The deal allows GIA to streamline its current multi-floor space at 580 Fifth Avenue and take advantage of the modern security systems offered in the Diamond District’s new Gem Tower, where the foundation is complete and where construction is slated to finish in 2012. Terms were not disclosed, but GIA is a major deal for Extell President Gary Barnett, who has reportedly been vying for the non-profit since the Gem Tower project began. “This purchase will increase our efficiency and help GIA manage its long-term costs,” said Donna Baker, president and CEO of GIA. [Post, 1st item]