Published by Global Banking & Finance Review®
Posted on October 1, 2025
1 min readLast updated: January 21, 2026
Add as preferred source on GoogleIKEA buys a $213 million building in Manhattan's SoHo for a new store, marking a shift to urban locations as part of its $2.2 billion US expansion plan.
STOCKHOLM (Reuters) -Ingka Group, the biggest global IKEA retailer, has acquired a Manhattan property where it plans to open a new store as part of the furniture group's expansion in the United States, it said on Wednesday.
The 53,000 square feet property in New York City's SoHo district will house a two-story IKEA store, while four floors will be renovated for office use which will then be rented out, Ingka Group's investment arm said.
The purchase price for the building was $213 million, Ingka Investments told Reuters.
The purchase is part of the retailer's $2.2 billion expansion plans for the United States, announced in 2023, Ingka said.
Last year Ingka invested in a property project on Manhattan's Fifth Avenue where it also plans to open a store.
While IKEA for decades established its stores in out-of-town locations, it has in recent years added developments in major city centres such as Paris and London.
(Reporting by Greta Rosen Fondahn, editing by Terje Solsvik)
Real estate refers to land and any physical property or improvements attached to it, including buildings, homes, and other structures.
Investment is the act of allocating resources, usually money, in order to generate income or profit over time.
Retail trade involves the sale of goods or services directly to consumers, typically in small quantities.
Sustainability in business refers to conducting operations in a way that is environmentally friendly, socially responsible, and economically viable.
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