Touro College files plans for $2.1M rehab of office condos in Extell-built Gem Tower

Touro College, on November 2, filed a permit application for a $2.1 million rehabilitation of two recently purchased condominium floors at 50 West 47th Street, the Extell Development-built International Gem Tower, in the Plaza District.

The plans call for a rehab of floors 12 and 13 in the 460-foot tall, 34-story, building.

The project is described in the filings as: install partitions, hung ceiling, bathrooms, and finishes as per plans filed on the 12th and 13th construction floors (14th marketing floor). No change in use, egress or occupancy. The initial cost as reported in the DOB filing for the work described in this permit application is $2,135,500.

In a struggling condominium market, Gary Barnett’s Extell Development chose to shop its three full floors of remaining condo units to a wider array of general office users in 2016.

Extell’s decision eventually paid off, as the firm sold off 12 units on two floors to the nonprofit education corporation Touro College for $26.5 million this past summer. The deal closed on July 1, 2020, and was recorded on July 15, 2020.

To complete the purchase, Touro College signed a loan agreement through the sale of bonds by the Dormitory Authority of the State Of New York valued at $30.3 million, also in July.

Direct link to Acris document.LINK

Direct link to DOB document.LINK