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Gulaylar Group Purchases Three-Level Retail Condo at Gem Tower

Mar 12, 2013 11:19 AM   By Jeff Miller
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RAPAPORT... Extell Development, the owner and developer of the International Gem Tower in Manhattan, sold  a retail condominium to the Gulaylar Group. The purchased area spans three levels, includes more than 12,000 square feet of space and features approximately 80 linear feet of highly visible retail frontage on the building’s ground floor in addition to two adjacent floors. The Gulaylar Group, which is based in Turkey, plans to create a jewelry exchange in the new space. The firm already exports products to 55 countries and has a well-developed international gold and diamond wholesale business in addition to retail chain stores.gem tower

Plans for the new jewelry exchange in the tower were described as ''unlike anything that exists today,'' according to Extell. The space will incorporate the latest security, soaring double heights throughout, modern lighting, sophisticated showcases and elevators connecting the exchange’s three levels.

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

Mehmet Gulay, the vice president of the Gulaylar Group, added, “We have been on 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. 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.”

Extell contended that property closings at the Gem Tower continue at a steady pace and tenants may begin moving into the building around mid-year 2013. The development firm said those who have purchased property in the building include industry heavyweights such as A.S. Diamonds, the Gemological Institute of America (GIA),  Eurostar, Kuperman Bros., Diamonds USA, Leo Schachter & Company, Malca-Amit USA and Manfra.

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Tags: Extell, gem tower, Jeff Miller, jewelry exchange, manhattan, Real Estate
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