By Holly Dutton
A diamond appraisal group has closed on three commercial condo units in Extell’s International Gem Tower in the Diamond District.
The Gemological Institute of America purchased units 4,5 and 8 at 50 West 47th Street for $51.18 million, according to public records.
Back in August 2010, the company agreed to purchase the units from Extell while the building was still under construction.
The 34-story $750 million glass and steel tower, which features high-tech security for its jewelry tenants including iris scanners, cameras, and tracking technology, is scheduled to open to the public next year.
The Gemological Institute of America, a non-profit which has locations worldwide, was established in 1931 and is the world’s foremost authority on diamonds, colored stones, and pearls.
Extell announced in early July that New York Loan Company, one of the country’s most exclusive pawn shops, was the first office condominium owner to open for business at the tower.
The company specializes in pawn loans against gold, jewelry, diamonds, watches, fine art and entertainment memorabilia.
“The International Gem Tower is the first of its kind in the Western Hemisphere, offering a rare opportunityfor jewelry-related companies to own and prosper in an ultramodern building with extraordinary technologies and amenities,” said Raizy Haas, senior vice president of Extell.
More than half of the IGT units are sold and another 10-15% are in contract according to Extell.
