Ikea franchisee plans new store at acquired Manhattan property

Ikea franchisee Ingka Group has acquired a Manhattan property with plans to open a new store there.

The company reportedly paid $213 million for the 53,000-square-foot building in New York City's SoHo district. A two-story Ikea store is slated to open in the building, which also will have office uses.

Ingka officials said the property purchase and new store plans are part of Ikea's $2.2 billion expansion plans in the U.S. that were announced in 2023.

Read more from Reuters.