IKEA has bought a retail building in SoHo, Manhattan, for $213 million, according to a deed posted by the New York City Department of Finance.
The property, called 529 Broadway, serves as Nike's flagship store, with the athletic apparel retailer operating six floors in total at the site. The brand first opened at the location in 2016.
The 58,000 square foot asset, which sits at the corner of Broadway and Spring Street, was first designed as the Prescott House hotel in 1852 and has been repurposed multiple times after the Great Depression.
IKEA has just one other New York location — a 346,000 square foot store in Red Hook, Brooklyn. The future plans at 529 Broadway for the furniture retailer are unclear.
The Netherlands-based firm operated 487 stores in 63 markets globally, as of July.
Overall, retail in prime New York, which includes SoHo and Midtown, has been booming. Availability in the market dropped to the lowest on JLL's record during the second quarter, which dates back to the third quarter of 2017. SoHo alone notably saw a seven percent decrease in the category. Plus, rent in SoHo performed exceptionally, surging by 18.46 percent to $351 per square foot.
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