Even wealthy New Yorkers love a D-I-Y project. The Swedish flat-pack furniture giant, IKEA, could be coming to one of New York's most coveted neighborhoods, Fifth Avenue in Midtown Manhattan.
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The Deal Of A Decade
In a deal that took a decade to orchestrate, developer Extell has secured rights to build on an entire Fifth Avenue block between 46th and 47th Streets. According to the New York Post, they plan to build an office tower block with IKEA as one of their anchor tenants in a project expected to cost $1 billion.
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Delaying the deal was a lot at 576 Fifth Avenue — next to the Extell's 574 Fifth Ave — owned by the South Korean company, Sae-A Trading Co., Extell closed on that lot in mid-March, paying $175 million, way more than the $101 million the seller paid in 2021, the Post reported.
"Stupid Price"
"We paid a stupid price but it gives us the whole block, which is amazing," Extell boss Gary Barnett told the Post. "It's the largest footprint available in midtown and maybe anywhere."
According to the Post, IDEA owner Ingka Investments will own the 80,000 square-foot portion of the tower that will house their superstore outright and is a partner with Extell on the entire project which will comprise 1 million square feet of office space. The largest lower floors will each contain 65,000 square feet, and the smaller topmost floor, 27,000 square feet.
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Super Expensive Super Towers
Extell is known for developing some of Manhattan's most spectacular buildings, including the 1,550-foot-tall Central Park Tower — the tallest residential building in the city — and the 1005-foot One 57, which broke the record for the highest price ever paid for a single residence in New York City. Both are on Midtown's Billionaire's Row, on 57th Street, near Central Park.
According to The Architect's Newspaper, IKEA's move into Midtown marks an ongoing strategy to increase its visibility in urban areas. Since 2019, the company has opened stores in Tokyo, Madrid, Paris, London, and Vienna. It is planning more in Barcelona, Berlin, and Prague. Currently, the company only has stores outside Manhattan, with shoppers having to trek to Red Hook in Brooklyn, Hicksville in Long Island, or Elizabeth, New Jersey.
Ingka Investments Managing Director Peter van der Poel said in a statement that he saw the store as "changing the way we engage with consumers and playing a part in creating strong, sustainable economies and business communities."
Third Time's A Charm
Although the 5th Avenue store will be IKEA's only current Manhattan store, it is not the company's first attempt at breaking into the market. In 1995, it opened a 7,400-square-foot store at 135 East 57th St., which closed within a couple of years. In 2019, it opened an IKEA Planning Studio at 999 Third Ave., which offered one-on-one consultations. It lasted three years. The new Fifth Avenue store will follow its more traditional warehouse-type layouts.
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