Ikea Comes to Fifth Avenue in New York | EUROtoday

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Ikea arrives south of Fifth Avenue in Manhattan, New York.

Ingka Investments, a part of the Ingka Group and the biggest franchisee of the Swedish retail chain, has partnered with Gary Barnett’s Extell Development on its new tower at 570 Fifth Avenue. Ingka Investment will personal almost 80,000 sq. ft of retail area within the tower and a one-third stake in the remainder of the constructing, Bloomberg reported.

The firm has mentioned the Fifth Avenue retail area would come with a “congregation point for customers,” however particulars of the plan for the area stay unclear.

Ikea joins different big-name retailers this 12 months which have signed on to occupy the coveted retail area alongside the famed avenue, together with Prada at 730 Fifth Avenue and Gucci at 717 Fifth Avenue.

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An announcement from Ingka Group mentioned the deal marks “a significant step in Ingka Group’s long-term strategy to enhance its commercial presence in the city centre.”