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University of HK / 香港大&#23416
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Discussion Starter · #1 · (Edited)
there is already a thread for this building in the NASF Archives with one single post. so i decided to open a new thread here in the highrise section! the tower is located at 50 west 47th street, diamond district in midtown (47th street between 5th and 6th avenues). construction is well underway after a long stop.



http://weblogs.amny.com/entertainment/urbanite/blog/2009/05/diamond_district_highrise_coul.html

Diamond district high-rise could be boon for New York's jewel biz



By Jason Fink
May 19, 2009

It may seem like an unusual time to spend money on the luxury jewelry industry but that's what city officials were touting Monday as they unveiled plans for a new 34-story office building in the heart of the diamond district.

Construction is about to begin on the International Gem Tower on West 47th Street, a high-rise that will house office space, vaults and retail for diamond dealers. The city plans to provide some $50 million in tax incentives for the project, being built by Extell Development.

"Diamonds are one of New York's best friends and one of our most enduring industries," said Mayor Michael Bloomberg.

Extell is also seeking "free trade zone" status, which would allow companies to import, cut, and then export stones without paying import duties.

The city tax breaks will come only if the building is 85 percent occupied by jewelry related businesses and if 50 percent of the businesses are either new or expanded from existing locations, rather than simply relocated.

Bloomberg said the city's diamond industry is facing increased competition from international cities such as Dubai. Giving tax incentives, he argued, will keep diamond dealers in the city and help anchor the industry during a period of economic distress.

The city said the new project, expected to be complete by 2011, will provide 3,000 jobs with some 250 businesses. Many of those will be taken by workers coming from oversees, Extell officials said.

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http://www.jckonline.com/article/CA6659280.html

Bloomberg Launches 47th Street "Gem Tower"

By Rob Bates
5/19/2009


The proposed 34-storey “International Gem Tower” in the 47th Street “diamond district” got high-powered support Tuesday morning, with New York Michael Bloomberg attending its kick-off.

The tower, which is due to be completed mid-2011, will be a sleek building at 50 West 47th Street that will feature both jewelry and non-jewelry tenants in its "office condominiums," as well as entrances on both 46th and 47th Streets.

In an exclusive interview with JCK, Gary Barnett, CEO of building developer Extell Development Company, noted that the tower had yet to sign any big name tenants, since it hadn’t begun marketing itself. But he said there was “already a lot of interest.”

Barnett said his background in the industry got him involved in the project. He said that many 47th Street buildings were “behind the times” and that he hoped a modern structure could help New York compete with other diamond centers.

“The tower will be an incredible addition to 47th Street and the New York skyline,” he told the crowd at the kick-off.

He also said the tower hoped to include a “free-trade zone” that would attract foreign buyers.

Speakers noted that, for the building to receive certain tax abatements, 85% of its tenants would have to be jewelry-related.

Bloomberg called the diamond industry “one of New York’s best friends and one of New York’s enduring industries.”

He said the tower’s construction casts “a strong vote of confidence in the city.”






http://www.nationaljewelernetwork.c...ds/supply/e3ie134e4df1181c4800cbbc8a61b4cebbd

Crane rises on New York's International Gem Tower



September 01, 2009


New York--Construction on the International Gem Tower (IGT), a 34-story building designed as an exclusive property for the jewelry trade, got underway in New York City's famed Diamond District over the weekend, according to a press release from Extell Development Co.

A tower crane was erected at the development site for the IGT, located at 50 West 47th St. between Fifth and Sixth avenues in Manhattan.

The crane is now fully functional and mobilized, according to the release. Following inspection by New York City's Department of Buildings, slated to take place sometime this week, steel will be arriving on site and construction will move forward as planned, the release states.

The first phase of the project, expected to be completed by the end of 2009, includes three below-grade floors that will house retail space, a vault, valet parking facilities and underground loading docks.

According to the release, the tower is slated to be completed and open in the fall of 2011.

At the tower's official launch in May, Extell announced that it would have $300 million invested in the project at the completion of the first phase and was looking for further funding to continue.

Extell representatives did not respond to request for comment on Tuesday on the current state of funding for the project.

"We are excited about the industry response to this building," Raizy Haas, Extell senior vice president in charge of the project, said in the release. "With significant letters of interest in hand and construction moving ahead, we are committed to delivering a world-class international center for the gem and jewelry trades; a first for the United States and a stunning architectural and functional space for the city."

New York Mayor Michael Bloomberg was on hand for the launch of the tower in May and noted that the tower was needed to help the city remain competitive in the international jewelry trade.

Similar towers exist in Shanghai, China, and in Dubai, United Arab Emirates.
 

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University of HK / 香港大&#23416
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Discussion Starter · #2 · (Edited)
http://www.ynetnews.com/articles/0,7340,L-3788342,00.html

New NYC diamond exchange based on Israeli model
Manhattan building to be established upon Israel Diamond Exchange model. President of Israel's exchange praises initiative, says Israel may even benefit from it. Exchange building, which will cost $750 million, will provide all necessary services and security for those working in field





10.11.09, 15:32
Israel Business


Another source of pride: A diamond exchange center is being established in Manhattan based on the Israeli model. Upon the mid-2011 completion of the building that will house the largest diamond and jewelry center in the US, Manhattan's Diamond District is expecting to be revolutionized. The building will be known as the International Gem Tower.

The new center is in actuality an exact copy of the model used in the Israeli Diamond Exchange, which is located in Ramat Gan, and will provide all the necessary services for the industry under one roof and will up the level of personal security provided to those working in the field. The project will cost an estimated $750 million.

The diamond and jewelry exchanges in Manhattan are located in what is known as the Diamond District, located on 47th Street between 5th and 6th Avenues. According to US-based Extell Development, which is building the new exchange building, hundreds of people in the diamond business around the world are renting old, dilapidated buildings in the Diamond District, and are forced to deal with below par work conditions on a daily basis.

Extell additionally claimed that the existing level of security is insufficient for dealing in diamonds and jewelry. This also happens to be the reason the American company takes pride on the fact that it has planned the new complex based on the Israeli model, in which four buildings are interconnected through a system of bridges, which provide diamond dealers from around the world comprehensive and total answers for all their needs. The model has been combined into one 34-storey, 70 sq. meter (about 750 sq. feet) building.

"Israeli diamond dealers have grown accustomed to doing business under the mantle of increased security provided by the diamond exchange in Ramat Gan that provides quite a wide range of services," said Extell's Senior Vice President of Project Management, Raizy Haas. "The tower that will be built will provide the perfect response for all the needs of the diamond and jewelry dealers, including the most advanced security methods in the world."

'Israel won't be hurt'

Israel Diamond Exchange President Avi Paz did not hide his sense of pride in the planned Manhattan complex in a conversation with Ynet: "From India, from Turkey, and from other countries, people have come to learn from us how to organize secure compounds for diamond dealers. We teach them how to provide a commercial infrastructure for the diamond dealer from a security perspective and supporting services for the diamond dealers."

But will this come at the expense of the Diamond Exchange in Ramat Gan?

"The fact that such amenities will be accessible to the Israeli trader will help, serve, and make trading easier. Such a center in New York is a blessing for us because the city is our sales center. The more developed the center is, the more convenient and simple it will be to sell merchandise there – also in terms of security.


"You also have to remember that every second diamond sold in the US comes from Israel. We still have a comparative advantage in polishing, especially in large stones," added Paz.

You won't lose buyers to the center in New York?

"The second intifada decreased the number of buyers. Buyers abroad have already grown accustomed to the fact that we go to them and we are making huge efforts in order to bring them back."

But, when the situation improves, they are likely not to return because there are other options.

"Yes. It is good that these centers are being established. We must find new markets and improve existing ones. We are already on the path to bringing buyers back to Israel."

And what about the diamond dealers themselves?

"The diamond dealers won't move their businesses (to New York). Those are just offices in a building in New York that provides support and security for trading. As of now, there already is the capability of going abroad in the Israel Diamond Exchange. The better the facilities, the better the marketing capabilities will be."

It's no secret that the sector is facing difficulties. Will this building help boost the industry?

"The market will grow when the recession recedes and the demand for luxury items increases, especially for those that maintain their value like diamonds. A diamond is a long-term investment channel. In this context, the building in New York will only help."

Extell is slated to host an event on October 19 for Israeli diamond company representatives to explain and market the New York project.
 

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University of HK / 香港大&#23416
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Discussion Starter · #4 ·
http://www.nypost.com/p/news/busine.../gia_signs_gem_of_deal_lg6yQEf3NijXXxWIqHjr9M

GIA signs a gem of a deal

By STEVE CUOZZO
January 12, 2010


In a major breakthrough for Extell's International Gem Tower, the venerable Gemological Institute of America will move its famed New York "laboratory" into the eagerly awaited, 34-story project now poking out of the ground at 44 W. 47th St.

GIA just signed a contract to buy an entire floor (30,000 square feet) in the tower, a commercial condominium for the world jewelry trade.

Terms were not disclosed and there won't be a public filing until the deal closes. But whatever the price, it's a coup for Extell President Gary Barnett, who has been courting GIA ever since he started assembling the site.

GIA will move from 580 Fifth Ave., where "there's inefficiency in their old space, which is on several floors," said Extell Senior Development Vice President Raizy Haas. The Gem tower will offer "21st Century" infrastructure and security, "which is key to the industry," she said.

The nonprofit GIA plays an integral role in the gem world with its research, grading and education programs. GIA President and CEO Donna Baker said, "This purchase will increase our efficiency and help GIA manage its long-term costs."

Extell has completed the tower's foundation and construction is expected to be completed in 2012.
 

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City Of Brotherly Love
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Thanks for posting this. I was reading about it in Jewelers Circular Keystone (JCK), the premier fine jewelry trade magazine in North America.

I am a graduate of the Gemological Institute of America.
 

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University of HK / 香港大&#23416
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3,389 Posts
Discussion Starter · #9 ·
Another 3B building:
Boxy,boring and bland.
Oh and btw that seems to be a nice neighborhood,I mean because of the rowhouses.
yeah well, there are many, many highrises out there which are much worse. me personally, i think this tower looks good. the only problem i have is the height, it should be at least 200m! in the meantime some news...

http://www.idexonline.com/portal_FullNews.asp?id=33495

Israeli Companies Lease Space in New York’s New Gem Tower


The International Gem Tower is set to be completed in 2012

(January 18, '10, 6:20 Edon Ophir)


Four Israeli diamond companies, A. Dalumi Diamonds, Sahar Atid Diamonds, Yerushalmi Bros. Diamonds` and Yondor Diamonds Ltd., have purchased office space in the International Gem Tower (IGT) currently under construction in New York, the development company building the IGT announced Monday.

Altogether, the companies will occupy more than 15,000 square feet of space in the 34-story tower. Designed exclusively for the gem and jewelry trade, the IGT will offer the latest security and technology innovations for trade companies planning to lease office space there.

The IGT also plans to bring to New York what already exists in major industry centers throughout the world by uniting gem and jewelry companies in one tower.

"[Dalumi] is thrilled about the purchase," said Meir Dalumi, managing director of the Dalumi Group. "The International Gem Tower will bring to 47th Street the conveniences and amenities of an industry hub that we are accustomed to in Israel."
 

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University of HK / 香港大&#23416
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3,389 Posts
Discussion Starter · #11 ·
Wow, nice one in this dense area. Thanks for posting this one is new for me!
Thanks for posting this. I was reading about it in Jewelers Circular Keystone (JCK), the premier fine jewelry trade magazine in North America.

I am a graduate of the Gemological Institute of America.
you're welcome. :)
 

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City Of Brotherly Love
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659 Posts
Another 3B building:
Boxy,boring and bland.
Oh and btw that seems to be a nice neighborhood,I mean because of the rowhouses.
Definitely boxy. Please keep in mind this high rise building is being sandwiched in between other buildings on a side street (47th St.) NOT on a wide avenue such as the Bank Of America tower or the New York Times building.

But not bland or boring ... because the glassy window design will make it look like a faceted jewel - with angles giving a beveled appearance, and it will sparkle when the sun light hits it.
 

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University of HK / 香港大&#23416
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3,389 Posts
Discussion Starter · #13 ·
some news provided by NYGuy, SSP

http://www.diamondintelligence.com/magazine/magazine.aspx?id=8453

MALCA-AMIT PURCHASES SPACE AT INTERNATIONAL GEM TOWER

20 January 2010

Global valuables courier service, Malca-Amit, has purchased space in Extell Development Company's new International Gem Tower (IGT) now under construction on 47th Street in New York. The company is under contract to buy a 6,600 square-foot commercial condominium and will be relocating its corporate North American headquarters to the new tower now under construction on 47th Street.

Malca says that this move is "necessary" to grow both its North American and global operations. The company plans to design a 21st-century, secure transport and delivery facility in its new space. "In order to be most effective and best serve our clients we need to be at the future center of the district.To put it simply, we need to be where our clients will be," said Amit Eitan, president of Malca-Amit.

Set for completion in 2012, the International Gem Tower will provide services and amenities solely for New York's diamond district.
 

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University of HK / 香港大&#23416
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Discussion Starter · #14 ·
http://www.israelidiamond.co.il/english/News.aspx?boneId=918&objid=6605

Successful sales at the International Gem Tower

10.02.10

A delegation of senior officials from Extell Development Company, the developer that is building the iconic International Gem Tower Company in New York's Diamond District, will be visiting Israel from February 14-17.

Since Extell's first visit to the Israel Diamond Exchange in Ramat Gan last October, a number of Israel-based companies have signed contracts to purchase office space in the state-of-the-art office building. Among them are three Diamond Trading Company (DTC) sightholders, A. Dalumi Diamonds, Sahar Atid Diamonds and Yerushalmi Bros. Diamonds. Additionally, Yondor Diamonds Ltd., another leading diamond firm, and Malca-Amit, a global valuables courier service, have also signed on to take space. The Gemological Institute of America (GIA), the world's foremost authority on diamonds, colored stones and pearls has purchased an entire floor.

"With close to 100,000 square feet under contract, some of the best locations in the building have been purchased. Response to the project has been overwhelmingly positive," said Raizy Haas, Senior Vice President of Extell Development. "Meanwhile, we continue to receive inquiries from Israeli companies looking to secure space at current pricing, which has already increased and will continue to increase."
 
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