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

The main rendering above shows the overall height and scale of the skyscraper, which will feature 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 depicted with landscaped terraces. The next two renderings provide a closer look at the podium and lower levels of the southern corner of the skyscraper, where IKEA’s main entrance will be located.

The parcel has remained dormant since our last update in April, when crews had recently finished clearing the site following the demolition of its former occupants. The structure at the corner of West 47th Street is in the process of being razed from the roof down, and will likely be fully dismantled by the end of summer. Interestingly, this building is depicted still standing in the renderings, and it remains to be seen whether the new structure’s footprint will be expanded once this holdout is cleared.

In recent news, Ingka Investments, part of the Ingka Group and the largest franchiser of IKEA stores, has announced a partnership with Extell to own a one-third stake in the remainder of the building in addition to preferred equity. Will Silverman and Gary Phillips at Eastdil Secured brokered the deal. The IKEA store will also have a “meeting point” shop, which has been described as a destination for customers “making larger and more complex purchases.”

“This next phase of our investment and expansion in the US signals our commitment to bring IKEA closer to people in city centers,” said Javier Quiñones, the CEO and chief sustainability officer of IKEA, in a statement. “While we are in the very early stages of planning for the IKEA location, we can promise to deliver an experience that is full of inspiration and designed to meet the home furnishing dreams of the many New Yorkers.”

Last year, Extell Development secured a new lender on the 13-parcel site, after Seoul-based IGIS Asset Management acquired a $185 million loan on the Midtown property.

A construction timetable for 570 Fifth Avenue has yet to be announced, though a projected tenant delivery date is estimated for 2028. A revised architectural height and floor count are also unclear

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