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April 2006

There has been a lot of press attention paid to the new 30-story skyscraper that is planning to be built on 47th Street, in place of 46, 50 and 52 West.

The New York Times noted that the plans of developer Gary Barnett have “stirred concern” because of fears he will take tenants from all the other buildings and leave them vacant. Barnett told the Times that New York needs a major government-supported skyscraper the way Tel Aviv and Dubai have, and has approached the city for tax abatements.

The article also noted that Barnett had approached tenants of 580 Fifth Avenue, particularly the Gemological Institute of America and Diamond Dealers Club, about moving.

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