IKEA is buying out the lease of its shuttered store at the Rego Park Mall in Queens for $10M.

Rego Park Mall, a two-building 954K SF indoor mall located on Queens Boulevard, is owned by Alexander's, the former department store chain that become a REIT controlled by Vornado Realty Trust.

IKEA's 112K SF store at Rego Park, which opened in 2021 as IKEA's first smaller-format store in the U.S, was closed in December 2022 when the Swedish furniture giant pivoted to a different growth strategy.

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