Extell Buys, Sells in the Diamond District

Extell Development picked up a mixed-use building in the Diamond District and sold an office condo in the International Gem Tower.
25 W. 47th Street - Manhattan Diamond District

25 W. 47th Street – Manhattan Diamond District

A 77-year-old mixed-use building in Manhattan’s glitzy Diamond District changed hands for $15.4 million last month.

As first reported by the Commercial Observer, Extell Development picked up the two-story building at 24 W. 47th Street from seller Toback Realty LLC, a family-run business that purchased the property in 1980. Located between Fifth Ave. and Avenue of the Americas, the 4,477-square-foot asset consists of street level retail spaces and offices on the second floor.

International Gem Tower - 50 W. 47th St. - Manhattan Diamond District

International Gem Tower – 50 W. 47th St. – Manhattan Diamond District

With this acquisition Extell expanded its presence in the Diamond District, where the company owns the International Gem Tower. The 36-story commercial condominium sits at 50 W. 47thSt. It was completed in 2012 under plans designed by Skidmore, Owings & Merrill and includes more than 80 units of office space targeting exclusively the global diamond, gem and jewelry industries.

The Observer reported that one of the tower’s office condos was recently purchased by the Gemological Institute of America. The research institute, which currently occupies the entire fourth and eighth floors of the 488,000-square-foot high-rise, paid $13 million for an office condo on the ninth floor.

Images via PropertyShark