Extell & Kohn Pedersen Fox Reveal Renderings for New Midtown Commercial Skyscraper

Updated renderings have been released for 570 Fifth Avenue, a forthcoming commercial skyscraper in the Diamond District of Midtown, Manhattan. This 1-million-square-foot building, designed by Kohn Pedersen Fox and developed by Extell, will feature an 80,000-square-foot IKEA store on the two cellar levels and Class A office space above. The site is located along Fifth Avenue between West 46th and 47th Streets.

Architectural Features

The main rendering highlights the skyscraper's height and scale, featuring a glass curtain wall with bronze-hued mullions and several corner cutouts framed with bronze paneling. These cutouts and the building’s multiple setbacks are designed with landscaped terraces. Additional renderings provide a closer view of the podium and lower levels at the southern corner, where IKEA’s main entrance will be located.

Site Status

Since the last update in April, crews have finished clearing the site following the demolition of its former occupants. The structure at the corner of West 47th Street is being dismantled and is expected to be fully razed by the end of summer. Interestingly, the building is still depicted in the renderings, leaving uncertainty about whether the new skyscraper's footprint will expand once the holdout is cleared.

Investment and Partnerships

Recently, Ingka Investments, part of the Ingka Group and the largest franchiser of IKEA stores, announced a partnership with Extell to own a one-third stake in the remaining building along with preferred equity. Will Silverman and Gary Phillips from Eastdil Secured brokered the deal. The IKEA store will also feature a “meeting point” shop for larger and more complex purchases.

Statements and Future Plans

Javier Quiñones, the CEO and chief sustainability officer of IKEA, expressed excitement about the investment and expansion in the US, promising an inspiring shopping experience for New Yorkers. Although the planning for the IKEA location is still in its early stages, the commitment to bringing IKEA closer to urban centers is clear.

Financing and Timetable

Last year, Extell Development secured a new lender for the 13-parcel site after Seoul-based IGIS Asset Management acquired a $185 million loan on the Midtown property. While a construction timetable for 570 Fifth Avenue has yet to be announced, tenant delivery is projected for 2028. Details on the revised architectural height and floor count are still unclear.