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IKEA rendering at 999 Third Ave. Rendering of IKEA “Planning Studio” at 999 Third Ave./ Image provided by IKEA

NEW YORK CITY—As people get older they often downsize, moving from suburbs and into smaller spaces in urban areas. Some retail stores are following this same trend. With Target’s small format stores, now IKEA’s “Planning Studios,” companies are also embarking on a “good things come in small(er) packages” strategy.

At 999 Third Ave., between E. 59th and E. 60th streets on the Upper East Side of Manhattan, IKEA is launching a “Planning Studio.” The new 17,530 square feet store spans three floors. Asking rent at the Zucker Organization’s building was $350 per square foot.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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