Ingka Investments, the investments arm of Ingka Group, which owns the majority of IKEA stores worldwide, has made a real estate investment on New York City's iconic Fifth Avenue.
The investment in 570 Fifth Avenue will be part of the real estate portfolio of Ingka Investments and marks a significant step in Ingka Group's long-term strategy to enhance its city center retail presence. The new class A retail and office tower is being developed by Extell Development Company, one of the nation's premier development firms. The building is scheduled for tenant delivery in 2028.
Ingka Investments will hold a one-third stake in the project alongside preferred equity components and full ownership of the prime retail space where the IKEA customer meeting point will be located. Extell will hold a two-thirds stake in the project.
This strategic alliance between two industry leaders marks the largest development on Fifth Avenue in more than 60 years, according to the release
