News & Noteworthy

Deal Announcement - Daniel Pocchiari and Robert Wilk Counsel on International Gem Tower Deal
MARCH 02, 2012

Daniel Pocchiari (Special Counsel, New York) and Robert Wilk (Associate, New York) advised an international business company as lender's counsel in connection with the closing of an extension and modification to an existing $168 million loan that provided financing for the acquisition and assemblage of 11 mid-town Manhattan fee parcels, the air rights appurtenant to 14 additional parcels and the pre-construction planning and development for the International Gem Tower --- a Skidmore Owings & Merrill-designed skyscraper in midtown Manhattan, which is being developed by an Extell Development entity.

Through a combination of city property tax abatements, attractive financing being offered by New York State to purchasers of the Tower's commercial condominium units, and the Tower's designation as a Foreign Trade Zone by the U.S. Department of Commerce, completion of the International Gem Tower will be the centerpiece of a coordinated strategy to keep New York's "Diamond District" as a global center for the international jewelry industry through the 21st Century.

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