- IKEA is about to open a new store on Fifth Avenue in New York.
- The company's investment department purchased shares in a multi-functional building being built on the famous street.
- The new skyscraper is being built by Extell Development Company.
Located at the intersection of the Plaza and Grand Central districts, 570 Fifth Avenue will be a 1,000,000 square foot commercial building.
Ingka Investments will hold one-third of the shares in the project along with full ownership of the retail space where the IKEA customer meeting point will be located. Extell will hold two-thirds of the shares in the project.
New IKEA store in downtown New York
– This large investment supports our development strategy throughout the United States, which is a key market for the Ingka Group. Investing in Fifth Avenue goes beyond just expanding our reach; it's about changing the way we engage with consumers and playing a role in creating strong, sustainable economies and business communities, comments Peter van der Poel, managing director of Ingka Investments.
The building is scheduled to be operational in 2028, and Ingka said the building would be "an example of high standards of sustainability and low-carbon operating principles."
