$750M gem tower will make Diamond District shine again

Expected to revitalize New York’s world-famous Diamond District, Extell’s International Gem Tower, located at 50 W.47th Street, was designed as New York’s first state-of-the-art “hub” for the global diamond, gem and jewelry industry. This $750 million skyscraper is expected to be fully operational by next summer.

Floors 20 and below of the 34-story, 745,000 square foot Tower will ultimately house more than 250 gem and jewelry industry companies.  These spacious commercial condominiums are already more than 75 percent sold.

The Real Estate Board of New York congratulates Gary Barnett and his organization for bringing one of the most technologically advanced buildings for the jewelry and diamond industry in the world to New York City. This project will transform the Diamond District and surely help to boost our city’s economy.

The International Gem Tower’s anchor owner will be The Gemological Institute of America, the world’s foremost authority on diamonds, colored stones, and pearls, has purchased two full floors comprising of over 60,000 square feet of space.

The Tower’s exterior features a spectacular crystalline curtain wall embedded with steel medallions in the shape of diamonds. It was designed by world-class architectural firm, Skidmore, Owings, & Merrill.

Plans for the building podium (Floors 1-6) include retail, dining, industry associations, and an executive club for condominium owners featuring meeting, conference and arbitration rooms, exhibition space and a private health and fitness center. Floors 21-34, with a separate entrance at 55 West 46th Street, will offer 315,000 square feet of office space for lease. Below grade floors will include additional retail/industry services, a vault operation, parking and secure loading docks.

REBNY looks forward to Extell’s International Gem Tower being completed. It will transform NYC’s Diamond District by offering a much needed, state-of-the-art “hub” for the global diamond, gem and jewelry industry.

In other REBNY News:

Don’t miss out. Residential real estate’s biggest event of the year will also be this season’s most fashionable at The Real Estate Board of New York’s 24th Annual Residential Deal of the Year Awards and Charity Gala on Thursday, Oct. 25, 2012 at the Metropolitan Pavilion.

The high-fashion theme of the event will honor the most notable residential sales and rental deals, as well as two industry professionals with The Henry Forster Award for lifetime achievement and The Rookie Salesperson of the Year Award.

The Gala will also feature the designs of Cesar Galindo who will present his 2013 fashions in a special presentation for guests. There will also be a raffle with prizes from top-name designer. Proceeds from the raffle and the event fund will benefit the REBNY Residential Member in Need Fund, which gives financial grants to REBNY members facing hardship because of a physical illness or family crisis. 

Tickets are $425 for individuals and $400 for groups of 10 or more. For more information, contact Jeanne Oliver-Taylor at jtaylor@rebny.com.

The Department of Buildings is currently looking for volunteers from the industry to serve on the following boards:

•           2013 Master Plumbers & Master Fire Suppression Piping Contractors License Board

•           Electrical License Board: Reviews applications for electrical licensure and licensee compliance with Electrical Code administrative provisions

•           Electrical Advisory Board: Reviews applications for installations over 1000kva & electrical equipment

•           Electrical Code Revision & Interpretation Committee Assists in the interpretation of Electrical Code technical provisions

These boards review issues from the development industry and provide either counsel to the Department of Buildings or make direct determinations regarding active projects and personnel in the City.  Time commitments vary by board, but we encourage our members to apply if interested, as participation from the Owner/Developer community is essential for ensuring balanced decisions.

Applications must be submitted to the Department of Buildings by October 15, 2012. For more information, please contact Shannon Fales at sfales@rebny.com or visit www.rebny.com