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NEW YORK CITY — Vertical construction will begin shortly for The International Gem Tower in New York City. Located at 50 W. 47th St., the project consists of a Class A office tower totaling 34 stories and approximately 748,000 square feet. The first phase of the project, which is expected to be complete by the end of the year, will include three below-grade levels housing retail space, a vault, secure valet parking facilities and underground loading docks. The tower is expected to open in fall 2011. Space within the building is being sold as office condos ranging in size from 1,000 to 22,000 square feet. The developer, Extell Development Co., plans to position the property as an industry building for tenants in the jewelry sector.