Published On: Fri, Feb 12th, 2016

Barnett marketing Gem Tower condos to non-jewelers

Extell pitching general office market on remaining 66K sf at Diamond District building

Barnett_IGT- Extell

Gary Barnett is hoping to find a diamond in the rough.

After struggling to unload the International Gem Tower’s remaining office condominium units to jewelers, Barnett’s Extell Development is now targeting a wider array of potential buyers.

While Extell has succeeded in selling most of the office condos at 50 West 47th Street — and sold the upper portion of the tower, which holds office rentals, to SL Green Realty — around 66, 000 square feet, or three full floors of condo units, remain on the market.

As a result, the company has been offering units at the 34-story, 750, 000-square-foot tower to a wider array of general office users, according to market sources.

An Extell spokesperson did not return requests for comment.

Read the full story, by Rey Mashayekhi

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