{"id":1004719690,"date":"2024-07-02T02:31:56","date_gmt":"2024-07-02T10:31:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004719690"},"modified":"2024-07-02T06:34:03","modified_gmt":"2024-07-02T14:34:03","slug":"fifth-avenue-welcomes-largest-development-in-60-years","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fifth-avenue-welcomes-largest-development-in-60-years\/","title":{"rendered":"1 MSF Manhattan Project Lands Key Investor"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img decoding=\"async\" data-attachment-id=\"1004719691\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/fifth-avenue-welcomes-largest-development-in-60-years\/570-fifth-avenue-rendering\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/570-Fifth-Avenue-Rendering-e1719911414478.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"570-Fifth-Avenue-Rendering\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/570-Fifth-Avenue-Rendering-e1719911414478.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/570-Fifth-Avenue-Rendering.jpg?w=696\" alt=\"570 Fifth Avenue rendering\" class=\"wp-image-1004719691\" style=\"width:400px\"\/><figcaption class=\"wp-element-caption\">Extell&#8217;s project at 570 Fifth Ave. is targeting a minimum LEED Gold certification. <em>Image by KPF, courtesy of IKEA<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Ingka Investments, the subsidiary of Ingka Group\u2014the largest IKEA retailer\u2014has invested in Extell Development\u2019s future office and retail tower on Fifth Avenue in Midtown Manhattan.<\/p>\n\n\n\n<p>Under the terms of the agreement, Ingka will hold a one-third stake in the project alongside preferred equity components. In addition, the firm will have full ownership of the prime retail space, totaling 80,000 square feet, where an IKEA customer meeting point will be located. Extell will own the remainder of the project.<\/p>\n\n\n\n<p>The property at 570 Fifth Ave. will be part of the real estate portfolio of Ingka Investments, marking a \u201csignificant step\u201d in Ingka Group&#8217;s long-term strategy of enhancing its city center retail presence.<\/p>\n\n\n\n<p>Since 2019, Ingka Group has opened stores and shops in major cities, including Tokyo, Madrid, Paris, and London, as well as planning studios in Vienna, Barcelona, Berlin, and Prague.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-largest-in-more-than-60-years\">The largest in more than 60 years<\/h2>\n\n\n\n<p>The new Class A retail and office tower is the largest development on Fifth Avenue in more than 60 years and is scheduled for tenant delivery in 2028.<\/p>\n\n\n\n<p>It will include a 1 million-square-foot mixed-use commercial building at the intersection of the Plaza and Grand Central Districts, providing access to key transportation hubs. Grand Central Station and Bryant Park are within walking distance.<\/p>\n\n\n\n<p>Extell obtained an $185 million construction loan for the project from JPMorgan Chase in 2021, according to CommercialEdge information. In 2023, South Korea-based IGIS Asset Management acquired the note.<\/p>\n\n\n\n<p>With a focus on sustainability and wellness, the tower is targeting a minimum LEED Gold certification and will exemplify high sustainability standards and low carbon operation principles.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This will be the largest development on Fifth Avenue in more than 60 years.<\/p>\n","protected":false},"author":3568,"featured_media":1004719691,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,1600,21742,10,21747],"tags":[35821,33449,32779],"class_list":["post-1004719690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-extell-development-company","tag-ikea","tag-leed"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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