Ikea Will Try (for the Third Time) to Open a Manhattan Store
What prompted the recovery of Fifth Avenue's retail strip?
The recovery of Fifth Avenue's retail strip was prompted by post-pandemic recovery, ultraexpensive residential development, and the opening of new stores. The conversion of the Crown Building to the Aman and the opening of high-profile retail stores like Ikea contributed to the revival of the area.
What will replace the prewar buildings at 570 Fifth Avenue?
A new tower will be built at 570 Fifth Avenue, replacing the prewar buildings. The development will consist of mostly office space, with 80,000 square feet of ground-floor retail space occupied by Ikea. The tower is expected to open in 2028.
How much retail space will the new Ikea store occupy?
The new Ikea store will occupy about 80,000 square feet of retail space at 570 Fifth Ave, a tower being built by Extell Development1. This space will be located on the ground floor of the tower and is part of Ikea's strategy to enhance its city center retail presence.