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Diamond District sees expansion in leases.

Commercial leasing remains strong and is showing signs of expansion in New York's Diamond District - centered on 47th Street between Fifth Avenue and Avenue of the Americas.

A number of diamond and diamond-jewelry firms have lately been expanding and negotiating for larger office and manufacturing spaces, reports Lloyd Jaffe, chairman of the American Diamond Industry Association, located on 47th Street.

According to Edwin Roer, managing partner of the prestigious 580 Fifth Avenue - a 33-story office tower located on the corner of 47th Street and Fifth Avenue and catering solely to the diamond and jewelry industry - his building is 100 percent rented with a waiting list of many firms still looking to lease. A look at the leasing activity of 10 West 47th Street, a 15-story office building which Roer is also involved in managing, tells a similar story.

Many ancillary businesses have also been expanding within the diamond district. Brinks, Inc., the armored car company, recently increased their office space from 5,000 to 10,000 square feet and Malca Amit NY, Inc., an Israeli-based freight forwarding firm upped their lease by 3,000 square feet. Both firms are located at 580 Fifth Avenue.

Frank Ring, president of F.M. Ring Associates, Inc., a company which owns and manages commercial buildings throughout Manhattan, including the 15-story 20 West 47th Street, said he sees a reversal of the 80's trend of condensing.

According to Jaffe, more than 95 percent of the gem diamonds (both rough and polished) coming into the U.S. come through New York. In addition, the value of those imports and exports has risen from $2.7 billion to $5.4 billion over the past 10 years - a 100 percent increase.
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Title Annotation:New York, New York neighborhood on 47th Street between Fifth Avenue and Avenue of the Americas sees strong leasing activity
Publication:Real Estate Weekly
Date:Jun 2, 1993
Words:283
Previous Article:Salomon Bros. signs at Terminal.
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