International Gem Tower to Visit Israel Diamond Exchange

A delegation from Extell Development Company is set to arrive in Israel to promote sales of its International Gem Tower. The building, located in Manhattan's diamond district is currently under construction.

On October 19, the visiting Extell team will host an event at the Cullinan Restaurant, located on the "bridge" connecting the Shimshon and Maccabi buildings, opposite the Israel Diamond Exchange trading hall. A detailed presentation about the project will be given as well as handouts in English and Hebrew.

Raizy Haas, senior vice president in charge of the project, expects that Israeli diamond companies conducting frequent business in New York to be interested in the services the building is set to offer its tenants.

"Israeli diamantaires have become used to the convenience of doing business within the secure boundaries of Ramat Gan's four diamond exchange buildings, enjoying a wide array of services," Haas said. "Until now, such facilities have not existed in New York and we are sure they will want to understand the choice of services and amenities that the development will feature."

At 34 stories, the building's developer is selling office space, rather than retaining ownership and renting out floor space, a rare move in Manhattan's commercial real estate industry. While still in development the building lost six stories and a mixed use designation consisting of 100 residential condominium apartments. As a result, the building will only have commercial floor space.

When completed in 2011, it will be the newest building on the street and have amenities such as a state-of-the-art wall vault and other choices absent from older buildings such as embedded cable synapses and an on-site gym.

According to an article in the New York Times, selling floor space may be difficult; plans for the Diamond Dealers Club and the Gemological Institute of America to move into the building were scrapped and both plan to stay put.

Prices per square foot for the 750,000-square-foot tower are about $1100-$1200 per square foot.