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New York

International Gem Tower tops out

A group of leading officials from Extell Development and Tishman Construction, as well as hundreds of construction workers, gathered at the site of the International Gem Tower today to celebrate the building’s topping out, Tishman announced today.

Among the attendees at the 50 West 47th Street plot were Extell President Gary Barnett and Tishman Chairman and CEO Daniel Tishman.

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As mentioned in an architectural review of the tower the current issue of The Real Deal, the 34-story, 750,000-square-foot building will be completed by the end of this year. Designed by Skidmore Owings and Merrill, the building plans were originally unveiled five years ago. However, due to the recession’s effects on both the development and diamond businesses, the project faced delays.

Construction began last April and, when complete, the building will have commercial condos, as well as commercial space available for lease. Tishman said the building would be fully operational by mid-2013. — Zachary Kussin