High-End Jewelry Exchange Planned for Prime Ground Floor Space as Diamond District Tower nears Completion

Extell Development Company announced today that a retail condominium spanning three levels and over 12,000 SF has been sold to an international investor at the company's International Gem Tower (IGT) on West 47th Street in Manhattan's famed diamond district.

The retail condo, purchased by The Gulayar Group, features approximately 80 linear feet of highly-visible retail frontage on the building's ground floor in addition to two adjacent floors. Respected in their Turkey and around the world, the Gulayar Group currently exports to 55 countries and has a very well-developed gold and diamond international wholesale business in addition to its gold and diamond retail chain stores. The Gulayar Group plans to leverage its retail development expertise to create a world-class jewelry exchange unlike anything that exists in the market today, featuring soaring double height spaces, modern lighting, sophisticated showcases and beautiful elevators connecting the exchanges’s three levels.

“We are thrilled to welcome The Gulayar Group to the Gem Tower ,” said Raizy Haas, senior vice president for development at Extell. “This building brings tremendous prestige to Manhattan’s Diamond District, and The Gulayar Group’s new jewelry exchange will benefit greatly from the prestigious address and exposure to our owners and their guests.”

“We have been on the 47th street for the past 15 years and know the street very well. This unique and modern development that Extell built represents our international business view and approach” explained mehlet Gulay, Vice President of The Gulayar Group. “We reached out directly to Extell and have been working closely with them to develop a modern, efficient and beautiful exchange concept. We are planning to revolutionize 47th Street with our 21st Century exchange concept. In addition to some of our own corporate brands, we will rent out to the highest quality jewelers on 47th and gather the strongest brands under one roof in our Exchange”.

The Gulayar Group was represented by Herrick Fienstein and IGT was represented by Stroock & Stroock.

Diamond and gem industry heavy-weights including A.S. Diamonds, the Gemological Institute of America (GIA), Eurostar, Kuperman Bros. Diamonds USA, Leo Schachter & Company, Malca-Amit USA and Manfra, Tordella & Brookes are part of the impressive roster of buyers at IGT. Closing are continuing at a steady pace, and Extell expects purchasers to begin moving in by mid-2013.

Designed by Skidmore, Owings and Merrill, the state-of-the-art tower was developed specifically for the global diamond, gem and jewelry industry. A 3,000-square-foot model located on the 18th floor showcases modern double-entry doors and intra-locking systems, bulletproof glass, conference space, sorting rooms and abundant natural light.

“We offer a rare opportunity for jewelry related companies to own and prosper in an ultramodern building with extraordinary technologies and amenities,” added Ms. Haas. “in addition to a cutting-edge security system, which includes iris recognition scanners at the lobby turnstiles, owners will also benefit from onsite underground parking and a private health and fitness center.”