One of the great challenges in my real estate development experience was working as a partner with Gary Barnett and Extell on the development, construction, marketing and international sales of the International Gem Tower a 740,000 steel and glass office tower in the heart of midtown Manhattan.
The Financial crash of 2008 stopped new building construction throughout the US. Construction of the International Gem Tower came to an abrupt halt with a deep excavation and foundation steel in place.
In March 2009, at the low point of every world equity market and in a free falling world economy, we were tasked with marketing an International Jewelry Industry office condominium. At that time the widely perceived status of the construction project in the NY press, NY brokerage community and NY jewelry industry was that this Extell project would never be built. This condition was exacerbated by contractors that had not been paid who widely broadcast that fact, the noisy NY press and by jewelry industry companies previously interested in buying offices talking about the lack of activity at the construction site.
As always, Extell developed a plan … Relaunch the IGT construction at a press event with Mayor Michael Bloomberg. The purpose of the launch on May 19, 2009 was to change those beliefs, create positive press on both national and international levels, spin the negative issues – especially about construction financing and prepare the market for upcoming marketing efforts.
The launch with Mayor Bloomberg was spectacular and successful resulting in press coverage globally.
Just one week after that May launch, barely 90 days after being tasked, the marketing team exhibited at the JCK show in Las Vegas with a comprehensive sales plan and full arsenal of marketing materials. Our show plan resulted in 47 sales leads, international jewelry industry press, significant conversations with large diamond sightholders and individual discussions regarding commitments for more than 100,000 sqft of condominium sales. That interest ranged from 22,000 sqft whole floors to 1,200 sqft satellite NY offices.
As I became the international face of the project I made continuing presentations globally in:
Antwerp, Tel Aviv, Mumbai, Hong Kong, Shanghai, Dubai, Panama and throughout the US.
With the unparalleled expertise of Tamar Rothenberg VP of Extell marketing, and the excellent Extell teams including Raizy Haas and Jeff Torkin, the presentations led to commercial condominium sales to some of the leading diamond, color stones, and jewelry manufacturing companies in the world..
One of the crown jewels of the companies purchasing space in this extraordinary tower being the relocation of the Gemological Institute of America (GIA) moving their New York laboratories, school and management to the tower.
The International Gem Tower which later became known as the GIA Tower, was designed by Skidmore Owens and Merrill one of the premier global architectural firms also responsible for the Burj Kalifa. It was a unique privilege working with T. J. Gottesdiener a managing partner of SOM at that time. As initial lead architect on the Gemtower, I was also very fortunate to develop a professional relationship with Jeff Young, now a managing partner at Perkins Eastman in Pittsburgh PA.
A very important presentation was made at the World Federation of Diamond Bourses (WFDB) Presidents’ Meeting held in Dubai, United Arab Emirates. The meeting was centered in the Almas Tower, which is the headquarters for the Dubai Multi Commodities Centre (DMCC) and the DDE. The event was hosted by the Dubai Diamond Exchange (DDE) at the Jumeirah Meydan Hotel, Senior African leaders, including former South African President Thabo Mbeki, addressed the gathering. The meeting focused on industry transparency, the strengthening of the WFDB Mark (a quality mark for bourse members), and the challenges surrounding the trade of diamonds from the Marange fields in Zimbabwe.
The meeting was a significant milestone for Dubai, helping to solidify its position as a leading global diamond hub alongside established centers like Antwerp and Mumbai.
By 2015 after almost 10 years of work the GIA Tower stands as the most breathtaking modern skyscraper in the heart of midtown between 47 and 46th street Fifth and Ave of the Americas.
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