Extell renegotiates contracts at West 47th Street office tower

TRD NEW YORK /
Jun.June 21, 2010 03:30 PM
Extell’s Raizy Haas and the Gem Tower

In response to dropping labor costs, Extell Development, which is building a new 35-story office tower in the Diamond District, is halting some of its work to renegotiate construction contracts. “We are out on the street trying to rebid all of the major trades,” Raizy Haas, head of the International Gem Tower project for Extell, told the Wall Street Journal. Haas said she believes that the savings on construction will outweigh the delays. The tower, at 50 West 47th Street, is being marketed as an office condominium project and is slated for completion by the end of 2012. Last month, the project was approved as a U.S. Foreign Trade Zone, a designation which eliminates customs duties for items imported into and then exported out of the zone — an attractive proposition for the jewelry companies to which Extell is catering — making it the only active foreign trade zone in Manhattan, a spokesperson for the New York City Economic Development Corp., said. [WSJ]

 

Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Clockwise from the top: 500 East 30th Street, 1 Ellis Street and 2555 Broadway (Credit: Google Maps)

NYC’s 10 biggest new real estate projects

One Manhattan Square’s adult treehouse (Credit: Extell)

Check out Gary Barnett’s “Adult treehouse” at One Manhattan Square

Extell CEO Gary Barnett and JPMorgan’s Jamie Dimon (Credit: Getty Images)

Barnett refis Diamond District assemblage with $340M loan

Congresswoman Nydia Velázquez, Congressman Jerry Nadler and Council Member Carlos Menchaca (Credit: Getty Images, Google Maps)

Pols pounce as city caves in on Sunset Park property

Gary Barnett and an aerial view of 2551 Broadway (Credit: Google Maps)

Extell proposes UWS mixed-use tower after completing assemblage

Liberty View Plaza at 850 3rd Avenue and Marvin Schein (inset) (Photo by Axel Dupeux)

City lets Salmar bring office tenants to Brooklyn industrial property

Renderings of Central Park Tower (Credit: Extell)

Inside Extell’s private club for the 0.1%

arrow_forward_ios
Loading...