"Soho's about to get its very own dose of meatballs and Malm. Ikea has snapped up 529 Broadway-the six-story corner building at Spring Street currently decked out in Nike swooshes-for a cool $213 million, according to property records. The plan is to transform the first two floors into a 25,000-square-foot small-format store, the latest in the Swedish giant's ongoing quest to finally plant roots in Manhattan."
"The Soho move represents a middle ground: more accessible than Brooklyn, but far smaller than the suburban airplane-hangar versions. "This marks Ingka Investments' fourth acquisition of prime commercial real estate to support Ikea's growth in the world's leading cities," said Peter van der Poel, managing director of Ingka Investments, in a release. "This new location in New York City allows us to continue offering inspiring and accessible home furnishing solutions to everyone, regardless of their budget.""
Ikea purchased 529 Broadway, a six-story corner building at Spring Street in Soho, for $213 million. The company plans to convert the first two floors into a 25,000-square-foot small-format store to establish a Manhattan presence. Previous Manhattan experiments included a Third Avenue Planning Studio (opened 2019, closed after three years) and a Rego Park outpost that closed in under two years. The Red Hook location remains the only full-sized Ikea in New York City. The Soho move offers a middle ground between Brooklyn and suburban megastores. Nike currently occupies the 58,000-square-foot building, which was designed by BKSK Architects to echo a 19th-century hotel, and rent reportedly started at $257 per square foot.
Read at Time Out New York
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