Ingka, the Dutch-based company that owns most of the IKEA stores worldwide, recently announced a brand new investment in New York City alongside city developer Extell. They will jointly invest in a massive mixed-used tower located at 570 Fifth Avenue by 47th Street in Midtown Manhattan, a portion of which will be used to debut a new IKEA “meeting point” shop, which will serve as a destination for customers who are “making larger and more complex purchases,” according to Pix11.
The one million square foot facility will be available for commercial leasing sometime around 2028, according to sources.
“This next phase of our investment and expansion in the U.S. signals our commitment to bring IKEA closer to people in city centers,” stated Javier Quiñones, CEO and Chief Sustainability Officer of IKEA. “While we are in the very early stages of planning for the IKEA location, we can promise to deliver an experience that is full of inspiration and designed to meet the home furnishing dreams of the many New Yorkers.”
A press statement explains that the Swedish retailer would occupy more than 80,000 square feet spread across two spacious basement levels, with a Fifth Avenue corner entrance.
Following the closure of the first and only brand shop in Queens less than two years after its establishment, there are currently just two IKEA stores in the New York area: one at 1 Beard Street in Brooklyn, near Red Hook Park, and the other on Long Island, in Hicksville.
