Published On: Sun, Aug 10th, 2014

Stephen Green to Buy into Gary Barnett’s International Gem Tower

International Gem Tower

Stephen Green’s SL Green New York real estate firm is planning to acquire a stake in Manhattan’s new International Gem Tower owned by Gary Barnett’s Extell Company. The firm is interested in buying the tower’s uppermost thirteen stories for a rumored $400 million.

According to a report in Crain’s, SL Green would take floors 22 through 34, which were designed for office rentals and which have been vacant since the building opened. The first 21 floors of the tower consist of office condominiums which were mostly taken by jewelry businesses.

No deal has yet been finalized.

Located in the city’s diamond district at 50 West 47th Street, The International Gem Tower is situated between Fifth and Sixth Avenues. Completed in 2013, its 34 stories hold a total of 315, 000 square feet of office space.

It offers buyers the unique opportunity to design their office for their specific needs, and boasts that “the prestige of owning an icon for generations to come. This is your moment to buy a piece of the future, investing in both prime real estate and the future of the international gem trade.”

It boasts the latest technologies to protect all of the jewels that its tenants might store there. These security systems include biometric access control, G4S guarding services, and state-of-the-art closed-circuit monitoring.

There are bright, new, naturally lit office suites with panoramic views of Manhattan.

Current tenants include, Leo Schachter Diamonds, Sparkling Jewels USA, Flawless Diamond Jewelry, Eurostar, Yondor Diamonds, Kuperman Brothers Diamonds, Valentine Jewels, Dalumi Diamonds, Heera Moti, OM Diamonds, Espeka Belgium, NIG Corporation, DBS Diamonds and Yerushalmi Brothers.

The building’s website declares that, “The International Gem Tower was conceived and designed specifically to meet the needs of the world’s evolving diamond, gem and jewelry trade. From its location in NY’s historic Diamond District to its Foreign Trade Zone designation, every facet of this state-of-the-art industry center enhances face-to-face communication and transactions in a robust security environment.”

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