Diamond Dealers Club Relocates to International Gem Tower
In a deal brokered by Extell Development, the diamond trade giant acquired a commercial condo on the tower’s 11th floor.
By Corina Stef
Diamond Dealers Club, the largest and oldest diamond trade organization in the U.S., acquired an office condominium at the International Gem Tower, located at 50 W. 47th St. in Manhattan’s Diamond District. The firm will relocate its headquarters from 580 5th Ave. in June and will occupy space on the building’s 11th floor. The tower was developed by Extell Development, which served as broker for the transaction.
Located on Jeweler’s Row, the International Gem Tower is New York City’s only commercial condominium designed specifically for the global diamond, gem and jewelry industry, harboring tenants such as the Gemological Institute of America, DeBeers, Smolensk, Leo Schachter & Co. and Dalumi Diamonds.
According to Yardi Matrix, the 402,145-square-foot building offers 11,000 square feet of retail space, divided into 106 office condos and 11 retail condos. It was built in 2012 and amenities include high-end technical facilities, cafeteria, lounge room, floor-to-ceiling windows, ultramodern security system with iris recognition scanners, 100 underground parking spaces and a private health and fitness center. Another addition is the 16,000-square-foot IGT Jewelry Shopping Mall that spreads across three floors and encompasses 50 shops and offices.
Video courtesy of Extell Development
