NY Jewelry District Tenants ‘Scattering’
October 29, 15
(IDEX Online News) – A report in the New York Post says that many tenants of the Diamond District are “scattering” as the area undergoes redevelopment.
“The street is being literally taken apart,” said Robbie Friedman of I. Friedman & Son. The jeweler is moving from its long-time location at 10 W. 47th St. to 20 W. 47th St. due to the development of the area.
According to the Post, Extell Development, headed by former diamantaire Gary Barnett, controls most of the eastern end of the block that runs between West 46th and 47th streets.
“I am concerned about the industry and don’t want the identity of the diamond industry to be lost because of the real estate industry,” said Friedman, as quoted by the New York Post.
There are unconfirmed rumors that Extell Development is planning a Midtown hotel. The firm developed the International Gem Tower, which is located at 50 W. 47th St.