Extell sells International Gem Tower’s retail condo to Turkish jeweler Gulaylar Group

Storefront valued at $6,000 per square foot; tower's condo space over 70 percent leased

TRD New York /
Mar.March 12, 2013 08:30 AM

Gulaylar Group, a Turkish jeweler and property management company, has purchased the retail condominium on the West 47th Street side of Extell Development’s International Gem Tower, the New York Post reported.

The storefront at the three-story, 12,000-square-foot retail condo, located between Fifth and Sixth Avenues, is valued at $6,000 per square foot. Gulaylar plans to use the space to create a “world-class jewelry exchange,” company’s vice president Mehmet Gulay told the Post. “We Have Been On 47th Street for 15 years, and we know the street very well,” Gulay said. 

Though Extell president Gary Barnett had initially considered using the tower’s lower floors as a restaurant space, the deal is in line with the tradition of having a jeweler on the lower floors of what is known as the “Diamond Block.” The building was reviewed last year by The Real Deal’s architecture critic.

In December, Extell secured its first two office condo clients at the 34-story 750,000-square-foot building at 50 West 47th Street, jewelers Malca-Amit USA and Kuperman Bros. Diamonds USA.

More than 70 percent of the tower’s 400,000-plus square feet of condo space has been sold, Extell executive Raizy Haas told the Post, with sale prices north of $1,000 per square foot. [NYP]  –Hiten Samtani

Related Articles

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

Extell lands $690M refinancing package for One Manhattan Square

Extell Development chairman Gary Barnett and One Manhattan Square (Credit: Anuja Shakya, StreetEasy)

Rent now, buy later at Extell’s One Manhattan Square

206 West 17th Street, 116 7th Avenue, and Extell Development’s Gary Barnett (Credit: Google Maps)

What rich people in NYC will pay to keep their view: TRD analysis

Extell Development's Gary Barnett (Credit: Getty Images and iStock)

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower

José Cuervo owner Juan Beckmann Vidal and 1010 Park Avenue (Credit: Getty Images, StreetEasy)

Mexican billionaire buys Park Ave pad for $25M amid shopping spree

From left: 241 East 73rd Street, 1514-1528 First Avenue, and Extell Development's Gary Barnett (Credit: Google Maps)

Here’s what the $10M–$20M NYC investment sales market looked like last week

Central Park Tower

Extell just went public with Central Park Tower listings

Such investments have become a critical source of financing for New York real estate projects in recent years. (Credit: iStock)

Preferred equity plays are on the rise, but what’s the catch?