New York's International Gem Tower is beginning construction on its above-grade steel structure and curtain wall during the first quarter of 2011, with 500 laborers on site daily. To date, 20 percent of the steel is already in place below grade. Unit turnovers are expected to begin in the summer of 2012, according to David Rothstein, Executive Vice President of construction for Extell Development Company.
"Pre-construction pricing is still available until the project goes vertical," says Raizy Haas, Senior Vice President for Extell. "After that, the prices will increase." Haas adds, "We are now prepared to meet with the numerous international companies that have been waiting for this construction milestone."
IGT executives are set to begin a worldwide trip this month to key industry cities to meet with both prospective and existing clients to discuss construction progress and final pre-construction pricing opportunities for office space in the 34-story tower in New York's Diamond District on 47th Street.
In June, the IGT received approval from the Foreign-Trade Zones Board of the U.S. Department of Commerce to be a Foreign Trade Zone.