47th Street BID report supports Gary Barnett's International Gem Tower vision

A report commissioned by the Empire State Development Corporation and published Monday, August 1, 2011, by the 47th Street Business Improvement District (BID) confirms New York City as the undisputed center of the diamond and jewelry industry for North America. While the report identifies the tremendous positive economic impact that the New York diamond industry generates, it also brings to light many of the District's deficiencies and areas for improvement.
 
This report represents the first in-depth analysis of New York City's famed Diamond District in twenty years. Among its conclusions, the study found that while today's District remains a vibrant hub for the diamond, gem and jewelry trade and a strong contributor to the New York economy, there are challenges that threaten its future vitality. These include competition from abroad, an aging local workforce and a declining physical environment.
 
Meanwhile, Gary Barnett and his team at Extell are leading the transformation of 47th Street with the development of the International Gem Tower, a 34-story commercial condominium designed specifically for the trade and currently under construction in the heart of the District. As a native New Yorker and diamond dealer, Mr. Barnett, president of Extell Development Company, had a vision about what was needed to sustain New York's industry and long wanted to revitalize the District. As one of Manhattan's most active real estate developers, he has the resources, knowledge and expertise in both industries to transform his vision into a reality.
 
When completed in 2012, the International Gem Tower will usher New York’s Diamond District into the 21st Century, setting a new standard for the trade both locally and abroad.
 
For recent construction photos, please visit the IGT website at www.InternationalGemTower.com.
 
For a complete copy of the BID report, “The Perfect Setting: Economic Impact of the Diamond and Jewelry Industry in New York City,” please contact Shari Neissani at sneissani@extelldev.com.
 
As a reminder, the IGT executive sales team will be traveling to India this week and will be in Mumbai for the IIJS show and SEEPZ and available for private meetings. The team will also be available for meetings in New Delhi from August 11 through August 14. 
 

Distributed by MarketDirect Business Communications on behalf of Extell Development.
 
FOR FURTHER INFORMATION, PLEASE CONTACT:
Joseph Lipton, IGT Partner
Mobile: +1-917-359-1133
E-mail: Jlipton@extelldev.com
 
Gabe Menkin, Senior Sales Director
Mobile: +1-917-697-7780
E-mail: gmenkin@extelldev.com