IKEA is set to open its second Manhattan store in New York’s SoHo neighborhood, occupying approximately 25,000 sq ft across the first and second floors of a newly acquired building at 529 Broadway. Ingka Investments, the investment arm of Ingka Group, announced the acquisition of the 53,000 sq ft retail and office property, which spans five and a half floors plus a lower level, as part of its urban expansion strategy in the US.
The SoHo property, built in 2016, is one of the few newly constructed buildings in the area and will be transformed into a mixed-use site with IKEA retail on the lower levels and premium office space above. The lower level will support storage and back-office operations. The building stands in the heart of one of New York’s busiest shopping districts, attracting over 12.2 million visitors annually, according to Ingka Investments.
This move follows the company’s earlier investment in 570 Fifth Avenue and forms part of Ingka Group’s $2.2+ billion commitment to its US omnichannel expansion. The group has recently launched new stores in McAllen-Pharr and San Marcos, TX; Hunt Valley, MD; Cherry Hill, NJ; and Beaverton, OR. The 529 Broadway acquisition adds to Ingka Investments’ real estate portfolio, which includes properties in London, Paris, and other major urban centers.
