IKEA set to open on NYC's Fifth Avenue
NEW YORK - New York City's Fifth Avenue is known for its luxury stores and packed crowds. Now, it will also be home to one of the world's largest furniture retailers.
IKEA, the Scandanavian home decor giant, is set to open a mixed-use customer "meeting point" along the iconic corridor.
Ingka Group, the largest IKEA store owner that represents roughly 90% of the brand's retail sales, announced Monday, its latest investment.
The building is being developed by Extell Development Company at the intersection of the Plaza and Grand Central Districts.
Credit: Ingka Group
The company says construction will focus on sustainability and wellness by utilizing high sustainability standards and low carbon operating principles.
Although the company is still in the early stages of planning, they say it will have everything a New Yorker needs to furnish the home of their dreams.
The company announced last year that it planned to upgrade current locations in the U.S. as well as open 17 new IKEA stores.
The goal of its long-term strategy is to enhance its city center retail presence.
FILE - IKEA store and logo in South Edmonton Common on May 20, 2022, in Edmonton, Alberta, Canada. (Photo by Artur Widak/NurPhoto via Getty Images)
New York City mayors have long tried to reinvent the area, but have struggled to do so.
Mayor Eric Adams released renderings in 2022, mapping out a reimagined 5th Avenue between Bryant Park and Central Park, but not much has changed since.
According to the Chairman of Extell, the project will be the first office tower to begin construction in the city post pandemic.
"Investing in Fifth Avenue goes beyond just growing our footprint; it's about changing the way we engage with consumers and playing a part in creating strong, sustainable economies and business communities," Ingka Managing Director Peter van der Poel said.
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What is the future of 5th Avenue?
Mayor Eric Adams and business owners are looking to reimagine the iconic corridor as a more pedestrian-friendly space.
The IKEA building will be a 1,000-square-foot mixed-use commercial building, with easy access to transportation and other amenities.
The location will also feature an IKEA customer meeting point in the building's retail space on two levels with a corner entrance on Fifth Avenue.
IKEA at 570 Fifth Avenue is scheduled for tenant delivery in 2028.