RAPAPORT... The developer of New York’s International Gem
Tower has taken control of two nearby properties in a deal that allows him to move forward with development plans in the city’s diamond district, The Real Deal reported January 11.
Gary Barnett’s Extell Development took over sites at 562 Fifth
Avenue and 564 Fifth Avenue from Thor Equities, the property trade magazine
reported, citing unnamed sources. Extell and Thor declined
to comment, the report said.
Barnett, Extell’s president, has spent the past few years
assembling properties at the northwest corner of Fifth Avenue and 46th Street
and cutting deals to pave way for a new tower, according to the report. In
August he acquired an office building on 47th Street that, combined with
another purchased property, gave him over 205,000 square feet of development
rights.
The International Gem Tower on 47th Street, the
heart of Manhattan’s diamond trade, was completed in 2012.
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