Diamond Dealers Club Snubs New Extell Tower. For Now.

Who says Gary Barnett’s subsidy-backed 47th Street tower will poach all the Diamond District’s big tenants?

The New York Diamond Dealers Club announced on Monday its intention to remain at the existing World Diamond Tower at 580 Fifth Avenue for another 20 years.

“After more than 20 years, the Club is virtually synonymous with ‘The 580 World Diamond Tower’,” noted Kenneth Kahn, the Fifth Avenue building’s executive manager, in a press release.

Will that partnership still ring true in 2027? Stay tuned–er, try to remember to check back then.

Full release after the jump.

- Chris Shott

DIAMOND DEALERS CLUB RENEWS LEASE AT

WORLD DIAMOND TOWER AT 580 FIFTH AVENUE

Famed Diamond Bourse Commits to Long-Term Lease at the

Headquarters of the New York City Diamond Industry

NEW YORK, JANUARY 8, 2007–The New York Diamond Dealers Club, the country’s oldest, largest and most respected diamond bourse, has renewed its lease at The World Diamond Tower at 580 Fifth Avenue. The world famous diamond bourse, which is a member of the World Federation of Diamond Bourses, has signed a long-term lease renewal that ensures the Club will stay at 580 Fifth Avenue, its home for more than 20 years.

Jacob Banda, president of the Diamond Dealers Club, said the Club renewed its lease on very favorable terms because of 580 Fifth Avenue’s world recognition and because its members want to remain close to the diamond and jewelry businesses concentrated in the building.

“The Diamond Dealers Club is the most important diamond bourse in the World Federation of Diamond Bourses and our members want the many unique services that 580 provides,” Mr. Banda said. “We are comforted by the knowledge that for years to come we will be able to continue this tradition. The owners of 580 Fifth Avenue have always been sensitive to the needs of the Club and have supported our efforts to improve the Club and the industry.”

Kenneth Kahn, executive manager of 580 Fifth Avenue, said, “We are pleased to renew the lease for one of our most prestigious tenants. The Diamond Dealers Club is both an important symbol and an integral part of the diamond industry both in New York and around the world. After more than 20 years, the Club is virtually synonymous with ‘The 580 World Diamond Tower.’ “

The Diamond Dealers Club has been a tenant at 580 Fifth Avenue since 1984. It currently leases approximately 25,000 square feet in the 38-story office building. The Club occupies an entire floor and has its own secure private entrance from 47th Street.

The Diamond Dealers Club–the country’s first diamond bourse–was established in Lower Manhattan in 1931 and moved to 47th Street in the 1940s. It has more than 2,000 members, including manufacturers, dealers, brokers and rough diamond merchants. The Club offers a secure and efficient environment for members to buy and sell diamonds. Its select membership comprises a who’s-who of the American diamond trade, with members from all over the country as well as from Israel, Belgium and the Far East.

580 Fifth Avenue is known around the world as the premier diamond and jewelry building developed exclusively to serve the industry. It is located at the northwest corner of Fifth Avenue and 47th Street–the gateway to the Diamond District. 580 Fifth Avenue houses virtually all of the industry leaders and every single tenant is involved in the jewelry industry. In addition, 580 Fifth Avenue, also known as The World Diamond Tower, offers state-of-the-art security, a private vault operated by a world-class security firm and its own United States Post Office branch. It is currently in the middle of a $25 million capital improvement program as part of its continuous efforts to meet the changing needs of its tenants and the diamond and jewelry industry.

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