IKEA Expands Manhattan Presence With New SoHo Store
IKEA is expanding its presence in Manhattan, with plans to open a new store in the former Nike outlet at 529 Broadway in SoHo. This marks the second IKEA outlet in the borough, following the existing Brooklyn store that offers a free weekend ferry service from Manhattan.
The SoHo store will occupy around 25,000 square feet on the first and second floors, with the lower level reserved for storage and operations. The upper floors will be converted into offices, with Ingka Investments managing the entire 53,000-square-foot property. IKEA purchased the building for $213 million, marking its fourth acquisition of prime commercial real estate in leading cities.
IKEA previously closed its Queens store at the Rego Center mall in 2022 after just two years in operation. Meanwhile, another Manhattan superstore is planned for 570 Fifth Ave. in Midtown, following the purchase of the property by IKEA in partnership with Extell chairman Gary Barnett earlier this year.
The Ingka Group has not yet announced an opening date for either of the Manhattan locations. IKEA's expansion in the city is expected to provide more convenient shopping options for customers and further solidify the brand's presence in the area.
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