The Real Deal New York

Posts Tagged ‘international gem tower’

  • From left: SL Green's Marc Holliday, 50 West 47th Street and Gary Barnett

    From left: SL Green’s Marc Holliday, 50 West 47th Street and Extell’s Gary Barnett

    Real estate investment trust SL Green Realty has acquired the upper floors of Extell Development’s International Gem Tower. Those floors have failed to attract tenants since hitting the market. [more]

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  • From left: SL Green's Marc Holliday, 50 West 47th Street and Gary Barnett

    From left: SL Green’s Marc Holliday, 50 West 47th Street and Gary Barnett

    SL Green is reportedly in talks to pick up the top 13 stories of Extell Development’s International Gem Tower. [more]

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  • From left: 70 West 36th Street and 127-135 West 33rd Street

    From left: 70 West 36th Street and 127-135 West 33rd Street

    A surge of sales and corresponding lack of supply is driving up the prices of New York City’s office condominiums.

    Only about 300,000 square feet of available office condo space exists citywide, and that dearth of supply has nudged prices up 30 percent from the second half of 2012, according to a July market report from Rudder Property Group. [more]

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  • BarnettIGT

    A rendering of the International Gem Tower located at 50 West 47th Street and Gary Barnett

    Gary Barnett’s Extell Development has closed on a deal with the Gemological Institute of America to purchase three floors in its International Gem Tower for $51.2 million, The Real Deal has learned.

    The sale, which hit city records today, closed July 25. Back in 2010, the renowned gem institute had planned to set up its only research “laboratory” in a 30,000-square-foot space in the 21-story, 425,000-square-foot building at 50 West 47th Street, Extell vice-president of development Jeff Torkin told The Real Deal today. [more]

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  • A rendering of the space on the ground floor of the International Gem Tower

    A rendering of the space on the ground floor of the International Gem Tower

    More than 80 percent of space at New York City’s first shopping center dedicated to precious gems — a three-story space carved out of Extell Development’s International Gem Tower — has been leased in the three months since a Turkish investor acquired the property, The Real Deal has learned. [more]

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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. [more]

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  • 15 West 47th Street; inset Joseph Chetrit (credit: PropertyShark)

    Before Extell Development ever stuck a shovel in the Diamond District’s ground for its forthcoming International Gem Tower, a three-level retail space on the block known as the Exchange was among the centerpieces of the district. But according to the New York Post, the landlord wants to swap the diamond-slingers that populate the retail space for a bank.

    After purchasing 15 West 47th Street — along with 22 West 48th Street for more than $115 million — in June, landlord Joseph Chetrit has begun looking for a bank to replace the Exchange’s 19,176 square feet. [more]

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  • From left: Extell's Gary Barnett and a rendering of the International Gem Tower

    Deutsche Bank is preparing a $400 million construction loan for Extell’s 65-percent-sold, 34-story, 745,000-square-foot International Gem Tower in Midtown, and will spearhead the loan’s syndication, the New York Observer reported. The loan splits comprises a $300 million senior loan and $100 in subordinate debt, and lasts for a two-year period. There’s also the option for a one-year extension. As previously reported, Extell planned to move forward with the tower with or without a construction loan. [more]

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  • A rendering of the gem tower

    From the March issue: Midtown is hardly the loveliest part of Manhattan, and few parts of Midtown are quite as unlovely as the stretch of 47th Street between Fifth and Sixth avenues. This corner of creation is known worldwide as the Diamond District and, with the possible exception of the city of Antwerp in Belgium, it’s home to the biggest diamond emporium in the world.

    Indeed, if you’ve been on this dreary street at all, there’s a good chance you’ve been buying or selling gems. The entire block is a hive, an ecosystem in which diamond buyers and stone cutters interact with wholesalers, shippers and security firms to create New York City’s fabled diamond trade. [more]

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  • International Gem Tower tops out

    March 15, 2012 06:30PM

    Today's topping-out ceremony at the International Gem Tower (credit: Ari Burling)

    A group of leading officials from Extell Development and Tishman Construction, as well as hundreds of construction workers, gathered at the site of the International Gem Tower today to celebrate the building’s topping out, Tishman announced today. [more]

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    From left: A U.S. visa, the International Gem Tower and a rendering of the Barclays Center at Atlantic Yards

    With financing conditions extremely tight, New York City developers have increasingly turned to the EB-5 program, which gives foreign investors visas in exchange for investment in job-creating projects, to land funding for their projects. But according to the New York Times, developers are bending the rules to make their projects more attractive for those foreign funds, and taking money away from other projects that need the funding.

    The minimum investment to qualify for a visa under the program has always been $1 million — but the threshold is reduced to $500,000 if the project is in a rural area or a community where unemployment is 50 percent greater than the national average. … [more]

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    From left: Stuart Romanoff, executive vice president at Cushman & Wakefield, and a rendering of the International Gem Tower
    Extell Development President Gary Barnett has returned to his original plan for the $750 million International Gem Tower in Midtown, the New York Post reported, as he has decided to lease the top floors to traditional office tenants.

    The 34-story, 745,000-square-foot tower planned for completion late next year at, 50 West 47th Street, will get a separate entrance at 55 West 46th Street for tenants of the top 14 floors to use as traditional office space. The first 20 floors are comprised of 400,000 square feet of condominiums dedicated for jewelry industry use. They are about 65 percent sold with an asking price of about $1,000 per square foot, the Post said. … [more]

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  • Manhattan commercial condo sales on rise

    November 28, 2011 12:56PM

    Office condominium sales are on the rise in Manhattan, with particular appeal to foreign business owners, Crain’s reported.
    Indeed, 80 percent of sales at Manhattan’s 88 office condos are to
    foreign buyers. Office condo sales, which peaked at $235 million in
    2008, and dropped to around $150 million in both 2009 and 2010, are on
    the rise as investors, particularly in Europe, look to stash their cash.
    The average asking price at a Manhattan office condo has rebounded to
    $531 per square foot, though before the recession, the average asking
    price was $879 per square foot. … [more]

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  • alternate<br /></a>text
    545 West 25th Street, 139 Centre Street and 50 West 57th Street

    The decision to rent or to buy isn’t one that only affects home-seekers. It’s also a dilemma that businesses face. And increasingly, New York businesses want to buy their office space, which has bumped up the demand for office condominiums. According to the New York Times, much of the shift is due to cultural preferences. While many American businesses in the city prefer to lease office space to accommodate future growth, changing market conditions and other factors, foreign businesses favor purchases. Margarette Lee, a principal at New York-based developer Youngwoo & Associates, whose founder hails from Korea, said that the Asian businesses, in particular, covet office condos. … [more]

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  • 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]

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  • Extell sells Chelsea site for $17M

    March 17, 2011 06:57PM
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    From left: Extell’s Gary Barnett, Dov Hertz as well as the site at 153 West 21st Street

    Just two weeks after unloading a development site in Soho, Gary Barnett’s Extell Development sold four brownstones comprising a single parcel in Chelsea at 153 West 21st Street, to Alfa Development Management for $17.14 million.

    Alfa Development, based in the Flatiron District, went into contract in December and closed on the sale March 2, city property records published today show.

    The row of four-story brownstones with 58,084 square feet of development rights, sold for $300 per square foot, according to figures from PropertyShark.com.
    [more]

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  • Extell Development plans to start going vertical with its 34-story International Gem Tower building in March with or without a construction loan, vice president Raizy Haas told the Wall Street Journal. According to Haas, the developer’s equity partners in the project have agreed to pony up the funds for what she called a “calculated risk” — a risk that many lenders have shied away from in recent years. The Diamond District commercial condominium currently has 150,000 square feet worth of commitments from buyers, which works out to around 20 percent of the building. … [more]

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  • Clash of the diamond towers

    November 23, 2010 01:30PM

    From left: Extell’s International Gem Tower, Gary Barnett and 580 Fifth Avenue

    Construction on Extell Development’s 34-story International Gem Tower condominium, on West 47th Street between Fifth and Sixth avenues, is on hold until Jan. 1, when Extell says it will “go vertical,” the New York Post reported. Meanwhile, 580 Fifth Avenue at the corner of 47th Street, is vying to be the center of the global diamond trade. Though Extell’s tower was recently approved as a Foreign Trade Zone by the U.S. Department of Commerce, 580 Fifth Avenue — at 400,000 square feet — is 95 percent leased, while the Gem Tower’s 750,000 square feet remain frozen at sidewalk level. … [more]

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  • Extell is already receiving $49.6 million in tax breaks from the city for its 34-story International Gem Tower at 44 West 47th Street, and today, the building’s future tenants are also expected to get in on the action with up to $100 million in state aid, the New York Times reported. The funding, which would amount to the state jobs program’s largest-ever loan, and would go toward granting jewelry and diamond merchants low-interest loans of up to $5 million for the purchase of condominiums in the 748,000-square-foot tower. The financing is intended to help stimulate the U.S. diamond industry as it competes with diamond centers in Shanghai, Hong Kong, Dubai and Antwerp, though some say the diamond industry is doing just fine without the government’s help — accounting for 40 percent of diamond sales across the globe. State economic development officials are expected to approve the plan today. Meanwhile, Extell’s Raizy Haas said the company is hoping for a construction loan in the next few weeks and has contracts signed on 140,000 square feet worth of space in the once-stalled project. The Gemological Institute of America recently inked a deal to take the fifth floor. [NYT]

    [more]

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  • Extell is already receiving $49.6 million in tax breaks from the city for its 34-story International Gem Tower at 44 West 47th Street, and today, the building’s future tenants are also expected to get in on the action with up to $100 million in state aid, the New York Times reported. The funding, which would amount to the state jobs program’s largest-ever loan, and would go toward granting jewelry and diamond merchants low-interest loans of up to $5 million for the purchase of condominiums in the 748,000-square-foot tower. The financing is intended to help stimulate the U.S. diamond industry as it competes with diamond centers in Shanghai, Hong Kong, Dubai and Antwerp, though some say the diamond industry is doing just fine without the government’s help — accounting for 40 percent of diamond sales across the globe. State economic development officials are expected to approve the plan today. Meanwhile, Extell’s Raizy Haas said the company is hoping for a construction loan in the next few weeks and has contracts signed on 140,000 square feet worth of space in the once-stalled project. The Gemological Institute of America recently inked a deal to take the fifth floor. [NYT]

    [more]

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