Posted Dec 10, 2024, 10:26 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,226
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Quote:
Originally Posted by Busy Bee
I think we all are. There's zero chance IMO they don't acquire it which means there's zero chance the rendering(s) we've been seeing are actually what's getting built.
Also, I cannot think of a bigger wasted opportunity than spending decades acquiring the needed properties and then pursuing that latest stump of a tower they claim is their intention. 567'?... GTFOH with that.
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It'll be the same building, with a slightly expanded footprint for the Ikea store. It's pretty much a done deal. They're moving forward now, not going forward with a year's long approval process to build a larger tower. They also have a partner in this (IKEA), which is how they're able to move forward.
Quote:
Ingka Investments, the real estate arm of Ingka Holding, the world’s largest IKEA franchisee, injected “approximately $400 million” into the overall project, said Extell’s founder and chairman, Gary Barnett. In exchange, Ingka scored a one-third stake in the building and ownership of its retail space.
Ingka’s investment let Extell move forward with its office building, more than a decade after it first started buying up parcels for the development site, Mr. Barnett said. And it let Ingka secure a coveted slice of Fifth Avenue while keeping its popular furniture affordable.
“We can safeguard long-term stability for IKEA, keep overhead costs more predictable and maintain our commitment to providing accessible products,” said Jenna Grader, a portfolio manager at Ingka Investments.
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