A New Gem Shines in Manhattan

Photos by David Kasnic 

Back in 1941, when the German Nazis invaded Netherlands and Belgium, they forced thousands of Orthodox Jews in the diamond business to move, and they flew all the way to New York. Local diamond dealers were already established in the area between 5th and 6th Avenue, between West 46th and 47th St. This massive arrival of Europeans diamond dealers reinforced the origin of what we know today as the Diamond District.

The Diamond District, an area typically known for its low buildings is welcoming this week a new neighbor: The International Gem Tower.

Developer firm, Extell Development Co. is opening this 34-story building. This $750 million glass and steel tower is equipped with the latest technology, including iris scanners, 350 cameras scattered throughout the building, and tracking technology that notifies security if someone working in the building is in a spot where they don't usually go. All visitors will need to register and have their four finger prints taken at the front desk.

Photo by David Kasnic

The developer is asking $96 a square foot in yearly rent, one of the higher asking rents for the neighborhood. Current tenants include Alca Amit, a courier company for the diamond and gem industry; Eurostar, a global diamond conglomerate and the Gemological Institute of America, which acquired three full floors and nearly 80,000 square feet of space.

Although the building is meant to be for jewelers and related companies, they will also be offering office space that goes from the 21st to the 34th floor. Extells is attempting to lease or sale in bulk to businesses that are not related to jewelry. Might we see any of the big executive suite providers leasing one or various floors in the building? Perhaps, and we certainly hope so, as international companies that wanted to relocate in the area did not have modern options before. The tower is located walking distance to other popular areas of offices in New York, such as Rockefeller Plaza, 5th Avenue and Broadway.

If you need an office near the Diamond district, give us a call at (866) 354-5478. Our team of local experts will advise and suggest the best office for your business.