Celebrity jeweler I. Friedman & Son is one of many jewelry tenants moving as the famed New York Diamond District continues to be redeveloped by real estate baron Gary Barnett, according to the New York Post. Robbie Friedman, whose grandfather I. Friedman founded the company in 1922, said its longtime location at 10 W. 47th St. is one of many being bought by Barnett, a former diamond merchant, whose, Extell Development company is involved in luxury real estate.
“The street is being literally taken apart,” said Friedman. “I am concerned about the industry and don’t want the identity of the diamond industry to be lost because of the real estate industry." He added that hundreds, if not thousands, of jewelers, polishers, stonecutters, stone setters, runners and administrative professionals work on the street.