Ikea Expands in NYC with Fifth Avenue Investment

Ingka Investments, the investment arm of Ingka Group, is set to open an Ikea store at 570 Fifth Avenue, a new Class-A retail and office tower in Midtown, marking the largest Fifth Avenue development in over 60 years. The building, scheduled for completion in 2028, will house an 80,000-square-foot Ikea customer meeting point. Ingka Investments will own the retail space and hold a one-third stake in the project, with Extell Development Company owning the majority. This move aligns with Ikea's strategy to enhance urban retail presence and adapt to changing consumer preferences, offering innovative formats to improve accessibility and convenience for customers in city centers.