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The New York Observer

Extell Snatches Diamond District Building for $50 M.

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June 5, 2008 | 5:02 p.m
<br /> (Property Shark)
Property Shark

Extell Development, which is planning a 40-story tower in the Diamond District, has just acquired a 55,000-square-foot building on the same block for $50 million, according to city documents posted today.

The Fifth Avenue Jewelers Exchange sold the building at 30 West 47th Street to Extell, led by Gary Barnett, a former diamond trader and the developer of Riverside South, who previously told the Post he was merely "assembling a lot of air rights" in the area.

The Exchange has owned the building, home to tenants like Afra Diamond Inc. and All That Glitters Diamonds, since at least the 1970s.

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