Ingka Investments, the investment arm of Ingka Group (majority owner of IKEA stores), announced a real estate investment in 570 Fifth Avenue. The new Class-A retail and office tower in Midtown, developed by Extell Development Company, marks the largest Fifth Avenue development in over 60 years and is set for tenant delivery in 2028. 

570 Fifth Avenue will feature a 1,000,000-square-foot mixed-use commercial building with prime retail space, including an 80,000-square-foot IKEA customer meeting point. Extell will hold a two-thirds stake, with Ingka Investments holding one-third and full ownership of the retail space. 

“We are excited to share the news of this major investment that boosts our growth strategy across the U.S., a vital market for Ingka Group,” said Peter van der Poel, managing director of Ingka Investments. “Investing in Fifth Avenue goes beyond just growing our footprint; it’s about changing the way we engage with consumers and playing a part in creating strong, sustainable economies and business communities.”