TENANTS at 20 West 47th Street are asking their landlord, Frank Ring, about expansion space. And 10 West 47th Street and 580 Fifth Avenue, at the corner of 47th Street, have waiting lists.

At the corner of 48th Street, 589 Fifth Avenue had a 48 percent vacancy rate less than three years ago. Today, only 6 percent of its space is left, and that's going fast. "We could conceivably be fully occupied within the next three months," said Jane Haigney, the building's marketing director. After a couple of rocky years, real estate prospects are again shining in the diamond district, that long, bustling 47th Street block from the Avenue of the Americas to Fifth Avenue.

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