The following brief is published courtesy of RAPAPORT
Press Release – May 27, 2010, New York: The Foreign-Trade Zones Board of the U.S. Department of Commerce announced today that The International Gem Tower, located in the heart of New York’s Diamond District, has been approved as a Foreign Trade Zone (FTZ). As a result, businesses in the tower will be permitted to import foreign merchandise without Customs entry or the payment of U.S. duties until the goods are sold. No duty will be payable on re-exported goods.
“We are developing a world class industry center for the diamond, gem and jewelry trade and approval of the FTZ status is another key milestone in our development schedule,” noted Extell’s Senior Vice President Raizy Haas. “In 2012, New York will finally have a modern industry building to house the trade. And in addition to the beautiful design and technical innovation, we are focused on providing the services and amenities that drive value for our buyers.”
Meanwhile, on site, the below grade concrete and metal deck work is nearing completion. To date more than 3,500 cubic yards of concrete have been poured in the foundation walls and footings and approximately 20% of the total steelwork in the building has been fabricated and installed. Work will begin shortly on the utilities and slab on grade work and will run for a period of approximately 3 months. While this work is ongoing, final bids on the major trades will be awarded with fabrication of to commence shortly thereafter.
Please visit the IGT development and sales teams at JCK Las Vegas (Booth L61) and/or Couture 2010 (Suite TS3 in the Diamond Pavilion) for the latest development plans, sales updates and news on our Foreign Trade Zone designation.