Barnett marketing Gem Tower condos to non-jewelers

Extell pitching general office market on remaining 66K sf at Diamond District building

TRD New York /
Feb.February 11, 2016 06:00 PM

Gary Barnett is hoping to find a diamond in the rough.

After struggling to unload the International Gem Tower’s remaining office condominium units to jewelers, Barnett’s Extell Development is now targeting a wider array of potential buyers.

While Extell has succeeded in selling most of the office condos at 50 West 47th Street — and sold the upper portion of the tower, which holds office rentals, to SL Green Realty — around 66,000 square feet, or three full floors of condo units, remain on the market.

As a result, the company has been offering units at the 34-story, 750,000-square-foot tower to a wider array of general office users, according to market sources.

An Extell spokesperson did not return requests for comment.

The marketing of office condo units at the International Gem Tower to non-jewelers is particularly interesting as the building was constructed with extensive security features – such as iris scanners and expansive surveillance capabilities – that had jewelry industry users in mind. In 2013, Barnett told The Real Deal that he expected the building’s condos to sell out by the end of that year.

Office condo space at the International Gem Tower is priced at around $1,000 to $1,300 per square foot, with full floors at the building measuring approximately 22,000 square feet. Many condo buyers at the building, however, have taken space ranging from half-floor units down to 3,000 square feet.

Extell sold the building’s upper portion – the 22nd through 34th floors – to SL Green Realty for $275 million in 2014. The 319,000-square-foot upper portion has its own entrance, at 55 West 46th Street, and few of the elaborate security features of the lower, office condo portion. SL Green is asking rents at around $100 per square foot there.


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

Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)

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

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

Extell just went public with Central Park Tower listings

Extell just went public with Central Park Tower listings
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
From left: SL Green CEO Marc Holliday, Land & Buildings Investment Management founder Jonathan Litt and Vornado chairman Steven Roth (Unsplash; Land & Buildings Investment Management; Getty)

Activist investor Jonathan Litt is shorting big NYC office landlords

Activist investor Jonathan Litt is shorting big NYC office landlords
Mastercard CEO Ajaypal Singh with 150 Fifth Avenue and Facebook CEO Mark Zuckerberg with Moynihan Station in New York (Getty; Google Maps)

Facebook, Mastercard rethink office footprint

Facebook, Mastercard rethink office footprint
Mortgage lenders are beginning to see missed rent payments from office buildings. (Credit: iStock)

Add office tenants to the list of those not paying rent

Add office tenants to the list of those not paying rent
Twitter CEO Jack Dorsey and Facebook CEO Mark Zuckerberg (Dorsey by Matt Crossick/PA Images via Getty Images; Zuckerberg by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)

Silicon Valley embraces “work from anywhere” ethos

Silicon Valley embraces “work from anywhere” ethos
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...