NEW YORK—The Gulaylar Group has purchased a retail condominium totaling more than 12,000 sq. ft. across three levels at the Extell Development Co.-owned International Gem Tower located at West 47th Street in Manhattan.

The Gulaylar Group plans to use its space to create a jewelry exchange with modern lighting and elevators connecting the three levels.

“We reached out directly to Extell and have been working closely with them to develop a modern, efficient and beautiful exchange concept,” said Mehmet Gulay, VP of The Gulaylar Group. “In addition to some of our own corporate brands, we will rent out to the highest quality jewelers on 47th and gather the strongest brands under one roof in our exchange.”

Standing 34 stories tall, the International Gem Tower was designed for the gem and jewelry trades. Designed by Skidmore, Owings & Merrill, the building includes a crystal-lined curtain wall and façade of embedded diamond-shaped medallions.