Ikea, the Swedish furniture retailer, is making a renewed push into Manhattan with plans to open a 25,000-square-foot store in the Soho neighborhood at 529 Broadway. The six-story building, currently occupied by Nike, was purchased for $213 million and reflects a strategic return to Manhattan following the closures of Ikea’s Midtown Planning Studio and Rego Park location, according to Time Out New York.
To strengthen its presence in Manhattan, Ikea is introducing a smaller-format store aimed at providing a more accessible option for city residents who want Scandinavian-style furnishings without traveling to the larger Red Hook location in Brooklyn. According to a statement reported by Eater, the acquisition is part of Ingka Investments’ broader strategy to expand in major global cities, with the new New York City location intended to support Ikea’s goal of offering practical and affordable home furnishing solutions to a wide range of customers.
The acquisition marks a notable shift in the Soho retail landscape, currently anchored by Nike, and reflects a strategic real estate investment by the global brand. While planning to convert the building’s upper floors into office space, Ikea continues to expand its commercial property holdings in major cities worldwide. As part of its engagement with the Manhattan market, the company has also launched a promotional pop-up in Union Square, offering Swedish meatballs at a special rate in celebration of the dish’s 40th anniversary. The pop-up serves as an introduction to what customers can expect from the upcoming Soho store.
Ikea has announced plans for a larger expansion in Manhattan, aiming to move into an 80,000-square-foot retail space at Extell’s 570 Fifth Avenue tower by 2028. This follows a July 2024 announcement outlining the company’s continued growth in New York City. In the interim, residents in Soho may have more immediate access to Ikea products such as Billy bookcases and Ektorp sofas through the upcoming store at 529 Broadway.
