Rendering of 570 Fifth Avenue, New York City. Credit: Byencore
An outpost of the Swedish home store will occupy the ground level of the KPF-designed office building, part of a “retail wave” along Manhattan’s most attractive shopping street.
As reported by The Real Deal, Extell Development, the developer of 570 Fifth Avenue, and Ingka Investments, part of the Ingka Group and the largest franchiser of Ikea, have agreed to bring the furniture chain to Manhattan. In a statement by Ingka Group, the agreement is “a significant step in Ingka Group’s long-term strategy to enhance its city center retail presence.”
According to the article, “Ingka Group has increasingly built out its metropolitan portfolio in recent years, adapting Ikea’s warehouse model to more compact retail spaces closer to customers.” Ikea recently announced plans to expand its American presence.
The 46-story tower, currently under construction, is inspired by the nearby Rockefeller Center and broader architectural context of the area. Featuring filigreed bronze detailing and multiple terraces, the highly flexible 570 Fifth Avenue also offers maximized floorplates, varied leasing depths, and amenity space, catering to a range of tenants.
Read more from The Real Deal here.