Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, has been tapped to sell the International Gem Tower (IGT) Jewelry Shopping Mall located at 44 West 47th Street in the diamond industry’s preeminent building, the International Gem Tower. Situated in Manhattan’s historic Diamond District, on West 47th Street between Fifth and Sixth Avenues, the IGT Jewelry Shopping Mall boasts best-in-class physical features, as well as substantial retail frontage.
The retail condo is 100% occupied by a prestigious roster of the world’s premier jewelry retailers and wholesalers, with a waitlist of more than 60 qualified companies interested in space within the shopping mall. With more than $4 million of in-place NOI, along with contractual rent escalations of 5% per year, IGT Jewelry Shopping Mall will provide an investor with a secure cash flow stream that is difficult to find in today’s market.
Located on the south side of West 47th Street, IGT Jewelry Shopping Mall totals 15,489 SF on three floors (ground, mezzanine and cellar) and features all the hallmarks of a newly-constructed, luxury building, including tremendous ceiling heights throughout, a double height ground floor of 28-feet, 80-feet of retail frontage, state-of-the-art security services, and underground parking and loading dock with valet and bike storage. IGT Jewelry Shopping Mall also benefits from incredible foot traffic – more than 3,000 visitors per day enter the mall.
“Generating more than $24 billion in annual sales, no street in the world has a larger impact on a single business sector than NYC’s Diamond District,” said Helen Hwang, Head of Meridian’s Institutional Investment Sales Team. For more than 75 years, the Diamond District has been the key location for the U.S. diamond sector, with more than 4,100 businesses that employ 22,300 people. The IGT Jewelry Shopping Mall offers the most prominent space on the Diamond District block ensuring rent premiums, no vacancy risk, and embedded upside, along with the ability to capitalize on the historic and fundamental strength of the top diamond district in the world.
Helen Hwang, senior executive managing director and head of institutional investment sales at Meridian can be reached at (212) 468-5930 or firstname.lastname@example.org.