Diamond Tower (The) | The Real Deal New York

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Diamond Tower (The)

50 West 47th Street
New York, NY 10036
212-712-6000

55 West 46th Street, also known as the International Gem Tower, is an office building and commercial condominium developed by Extell Development Company. The tower, completed in 2013, is located in the Diamond District and overlooks Sixth Avenue. Architecture firm Skidmore, Owings & Merrill LLP designed the building with column-free interiors, 10 inch perimeter ceilings, and floor-to-ceiling windows. The office portion contains 292,000 square feet of class-A office space. The buildings 34-story commercial condominium, which uses the 50 West 47th Street address, is tailored to diamond, gem, and jewelry industry tenants. Extell founder Gary Barnett began his career as a diamond trader in Antwerp, Belgium before returning to New York and getting into real estate. Building amenities include vaults, foreign trade zone designation, underground parking, a business center, restaurants, in-house catering, and a gym. The building has retail space.

In September 2014, SL Green Realty acquired the upper floors of the tower, 319,000 square feet of office space on floors 22 to 34, for $275 million from Extell. SL Green also acquired a retail store on 46th Street, the buildings parking garage, and the fitness center, and has the option of purchasing another 28,000 square feet of space on the second floor of the building for an additional $20 million. The Gemological Institute of America purchased three floors, about 80,000 square feet, for $51.2 million.

-MK

  • Address 50 West 47th Street
  • neighborhood Midtown
  • borough Manhattan
  • owner Extell Development, SL Green Realty
  • developer Extell Development, SL Green Realty
  • owner entity EXTELL GT, LLC
  • architect Skidmore Owings & Merrill
  • sales/marketing Compass
  • PLANS DISCLOSED 01/23/2009
  • dob permit issued 10/21/2014
  • tco issued 11/27/2012
  • DOB FILE PLANS 12/06/2006
  • DOB FILE Link
  • LIST/LAUNCH SALES 05/07/2009
  • height in feet 460
  • floors 34
  • AG Initial Price $ 984,765,600
  • ag file plans 01/23/2009
  • AG FILE Link
  • residential units 0
  • commercial units 1
  • hotel units 0
  • total units 90
  • square feet 792,574
  • const. status ON THE MARKET
  • block and lot 1-01262-7502
  • BIN 1034346
  • Event Office Leasing
  • Address 55 West 46th Street
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 31,000
  • Price per foot $ 100.00
notes
The hedge fund signed a lease.
  • Event Sales
  • Address 50 West 47th Street
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 488,000
  • Price $ 13,000,000
  • Price per foot $ 26.64
  • Publication Date 07/01/2015
  • Event Date 05/22/2015
  • Party 1 Extell Development
  • Party 2 Gemological Institute of America
  • Event Sales
  • Address 50 West 47th Street
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 319,000
  • Price $ 275,000,000
  • Price per foot $ 862.07
notes
The 22nd-34th floors of the building sold for $275 million.
  • Event Sales
  • Address 55 West 46th Street
  • Neighborhood Plaza District
  • Borough Manhattan
  • Price $ 18,000,000
  • Price per foot $ 679.00
notes
The developer closed on the purchase of a development site for its Diamond District office tower for $18 million, or approximately $679 per buildable square foot.

New York office leasing improved significantly over the past year. But the steady pace of deals wasn’t enough to fill all the large blocks of...
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