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International Gem Tower Developer Takes Further Control in Diamond District: Report

Jan 13, 2016 2:53 AM   By Rapaport News
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RAPAPORT... The developer of New York’s International Gem Tower has taken control of two nearby properties in a deal that allows him to move forward with development plans in the city’s diamond district, The Real Deal reported January 11.

Gary Barnett’s Extell Development took over sites at 562 Fifth Avenue and 564 Fifth Avenue from Thor Equities, the property trade magazine reported, citing unnamed sources. Extell and Thor declined to comment, the report said.

Barnett, Extell’s president, has spent the past few years assembling properties at the northwest corner of Fifth Avenue and 46th Street and cutting deals to pave way for a new tower, according to the report. In August he acquired an office building on 47th Street that, combined with another purchased property, gave him over 205,000 square feet of development rights.

The International Gem Tower on 47th Street, the heart of Manhattan’s diamond trade, was completed in 2012.
Tags: 47th Street, International Gem Tower, new york, Rapaport News
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