Extell Snatches Diamond District Building for $50 M.

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.

Extell Snatches Diamond District Building for $50 M.