A retail condominium spanning three levels and over 12,000 square feet has been sold to an international investor at the Extell Development Company’s International Gem Tower on West 47th Street in Manhattan’s diamond district, Extell announced.
The retail condo, purchased by The Gulaylar Group, features approximately 80 linear feet of highly-visible retail frontage on the building’s ground floor in addition to two adjacent floors. Respected in their native Turkey and around the world, the Gulaylar Group currently exports to 55 countries and has a very well-developed gold and diamond international wholesale business in addition to its gold and diamond retail chain stores.
At the International Gem Tower, the Gulaylar Group plans to leverage its retail development expertise to create a world-class jewelry exchange unlike anything that exists in the market today, featuring soaring double height spaces, modern lighting, sophisticated showcases and beautiful elevators connecting the exchange’s three levels.
“We are thrilled to welcome the The Gulaylar Group to the Gem Tower,” said Raizy Haas, senior vice president for development at Extell. “This building brings tremendous prestige to Manhattan’s Diamond District, and The Gulaylar Group’s new jewelry exchange will benefit greatly from the prestigious address and exposure to our owners and their guests.”
Diamond and gem industry heavyweights including A.S. Diamonds, the Gemological Institute of America (GIA); Eurostar, Kuperman Bros. Diamonds USA, Leo Schachter & Company, Malca-Amit USA and Manfra, Tordella & Brookes are part of the impressive roster of buyers at IGT. Closings are continuing at a steady pace, and Extell expects purchasers to begin moving in by mid-2013.
Designed by Skidmore, Owings and Merrill, the state-of-the-art tower was developed specifically for the global diamond, gem and jewelry industry.