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RAPAPORT... The New York Diamond Dealers Club, the country's oldest, largest, and most respected diamond bourse, has renewed its lease at The World Diamond Tower at 580 Fifth Avenue in Manhattan.
The World Federation of Diamond Bourses member has been at the same location for 22 years and reports having signed a long-term lease renewal. The announcement was made nearly one year after a New York Times (March 13, 2006) stated the Extell Development Company was hoping to woo away the Club from its present location to a planned diamond tower on 47th Street.
Jacob Banda, president of the Diamond Dealers Club, said the Club renewed its lease on very favorable terms because of 580 Fifth Avenue's world recognition and because its members want to remain close to the diamond and jewelry businesses concentrated in the building.
"The Diamond Dealers Club is the most important diamond bourse in the World Federation of Diamond Bourses and our members want the many unique services that 580 provides," Banda said.
"We are comforted by the knowledge that for years to come we will be able to continue this tradition. The owners of 580 Fifth Avenue have always been sensitive to the needs of the Club and have supported our efforts to improve the Club and the industry."
Kenneth Kahn, executive manager of 580 Fifth Avenue, said, "The Diamond Dealers Club is both an important symbol and an integral part of the diamond industry both in New York and around the world. After more than 20 years, the Club is virtually synonymous with The 580 World Diamond Tower."
The Diamond Dealers Club currently leases approximately 25,000 square feet in the 38-story office building. The Club occupies an entire floor and has its own secure private entrance from 47th Street.
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