The development at 570 Fifth Avenue will transform an empty lot into a 33-story office tower with an 80,000-square-foot IKEA store at the base.
Ingka's $400 million investment has enabled Extell to proceed with the long-planned development, providing essential equity and partnership for the project.
Jenna Grader emphasized that securing a retail space on Fifth Avenue helps IKEA maintain affordable prices and long-term stability for the brand.
Extell's chairman, Gary Barnett, noted Ingka's involvement as crucial for advancing the project that had been in the works for over a decade.
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