Nassimi Group takes space at Int’l Gem Tower

Richard Nassimi’s eponymous residential brokerage, investment and development company is polishing up its Manhattan footprint with a new office at the International Gem Tower, where the company plans to beef up its commercial activity.

The Nassimi Group, a two-year-old firm currently based in the Financial District, is taking around 2,000 square feet of space on the 16th floor of Extell Development’s 50 West 47th Street, Richard Nassimi told The Real Deal. The office will house the Nassimi Group’s commercial team, which is looking to ramp up investment in mixed-use assets on behalf of Nassimi and his partners.

“The market right now is slowing down so it’s the right time to buy,” said Nassimi, who employs 30 people. “People have more ‘intelligent’ deals versus speculation. Things make more sense.”

Nassimi did not share details of his lease, but asking rents in the building are currently between $85 per foot and $95 per foot, according to CoStar.

Nassimi, formerly of the Corcoran Group, led sales at the W Downtown and the Cipriani Club Residences at 55 Wall Street. He left Corcoran in 2014 to form the Nassimi Group. Like Extell’s chief Gary Barnett, Nassimi worked in the diamond trade before embarking on a career in real estate.