Extell’s Gem tower finally ready to go up

TRD New York /
Feb.February 15, 2011 12:28 PM

The steel for Extell Development’s International Gem Tower at 44 West 47th Street is set to rise the last week of March or the first week of April, Extell’s Raizy Haas told the Post. The $750 million, 34-story condominium tower, between Fifth and Sixth avenues, had its design by Skidmore Owings & Merrill unveiled nearly four years ago. But since the October 2008 market crash badly hurt the diamond industry, progress on the tower has been delayed. Now, Extell and Tishman Construction have just turned on their public information hotline as work begins, giving details on trenching, sandblasting and related activities for this month and next. The project is meant to serve as the new global headquarters of the gem industry, with the exception of 60,000 square feet of retail, including a restaurant. Haas said that with some 75,000 square feet of diamond-use deals expected to close soon, the project will have commitments for 200,000 square feet of the tower’s total 750,000 square feet by summer. To lure buyers, Extell has added amenities, including a private gym. “We’ll be out on the street for construction financing by summer, and we will deliver the units beginning in June 2012 and finishing by the end of 2012,” Haas added. [Post, 1st item]

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