"IKEA is doubling down on Manhattan. The Swedish furniture giant announced this week that it will open a store in the former Nike outlet at 529 Broadway in SoHo after purchasing the building for $213 million. Ingka Investments, the investment arm of Ingka Group, which owns most IKEA stores worldwide, snapped up 529 Broadway and will occupy about 25,000 square feet on the first and second floors of the building."
"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 statement. This new location in New York City allows us to continue offering inspiring and accessible home furnishing solutions to everyone, regardless of their budget. The SoHo store, located at Broadway and Spring Street, marks the second planned IKEA outlet in Manhattan."
Ingka Investments purchased 529 Broadway in SoHo for $213 million and will open an IKEA store occupying about 25,000 square feet across the first and second floors. The lower level will be used for storage and operations, while the upper floors will be converted into offices, with Ingka Investments operating the entire 53,000-square-foot property. The SoHo location will be IKEA's second planned Manhattan outlet; another superstore is planned at 570 Fifth Ave. Earlier transactions include a partnership with Extell to combine 576 and 574 Fifth Ave. into a full-block tower. Brooklyn currently remains the only borough with an operational IKEA store.
Read at www.amny.com
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