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Gem Tower to Open Next Year

Published By: The Retail Report


In the three months since a Turkish investor acquired a three-story space in Extell Development’s International Gem Tower, more than 80 percent of the space has been leased. The retail condominium includes the ground floor of Extell’s Diamond District project at 50 West 47th Street, and it will be open by the first quarter of 2014, said Mehmet Gulay, vice president and Istanbul-based Gulaylar Group.

This will be New York City’s first shopping center dedicated to precious gems. Vendors will occupy 115-foot to 360-foot stalls (running vendors $6,000 to $30,000 per month), and the state-of-the-art facility will include security features such as iris scanners and “software that recognizes aberrant behavior via surveillance camera.”

Gulaylar bought the 16,000-square-foot space in March, for what the New York Post believed to be around $6,000 per square foot. Although the spaces share elements, similarly to stalls in an upmarket bazaar, they are customizable.

Gulaylar’s goal is to update the Diamond District’s spirit of selling and bring it under one roof, and the hope is that the development will turn out comparable to Bergdorf Goodman, but a little more practical.

[The Real Deal]


Release Date07/26/2013 - 07:00


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