Real Estate
Ikea Coming to NYC Fifth Avenue After Ingka Takes Stake in Tower
- Ingka Investments will also own retail space at 570 Fifth Ave.
- Barnett’s Extell is developing the Manhattan building
Ingka Investments, the investment arm of the largest Ikea retailer, is taking a stake in a new tower going up on Manhattan’s Fifth Avenue.
The business will own about 80,000 square feet (7,430 square meters) of retail space at 570 Fifth Ave., a tower being built by Extell Development, according to a statement Monday. The business will also hold a one-third stake in the remainder of the building, in addition to preferred equity.