Manhattan is set to experience a retail transformation as Ingka Group, the largest IKEA retailer globally, makes a strategic investment in New York City’s iconic Fifth Avenue. This move is a significant part of Ingka Group’s strategy to enhance its presence in city centers.

Ingka Investments, the investment arm of Ingka Group, has acquired a one-third stake in Extell Development Company’s ambitious project at 570 Fifth Avenue. This new Class-A retail and office tower is poised to reshape the skyline and create a vibrant hub for commerce and culture.

The tower will house an 80,000-square-foot retail area at its base, strategically positioned with a corner entrance on Fifth Avenue. IKEA will establish a customer meeting point here, bringing its blend of affordability and style to the heart of Manhattan.

Located just a three-minute walk from Grand Central Station and Bryant Park, 570 Fifth Avenue offers unparalleled accessibility. This prime location will attract shoppers, tourists, and professionals, making it a key retail destination.

Aiming for a minimum LEED Gold certification, the tower will emphasize sustainability and wellness, aligning with IKEA’s commitment to environmental responsibility. High standards and low carbon operation principles will be integral to its design and function.

Ingka Group’s investment in Fifth Avenue is more than just expansion; it’s about transforming the retail landscape. Peter van der Poel, Managing Director of Ingka Investments, highlights the strategic importance: “We’re changing the way we engage with consumers, creating strong, sustainable economies and business communities.”

Javier Quiñones, CEO & Chief Sustainability Officer of IKEA U.S., adds: “Our presence on Fifth Avenue isn’t just about square footage; it’s about adapting to urban growth and evolving consumer preferences.”

As the tower rises, anticipation builds. New York’s retail scene is about to witness an IKEA revolution, blending affordability, sustainability, and style on the iconic Fifth Avenue.