Overview

• Public records show Jeff Sutton’s partnership sold the six-story SoHo property for $213 million, totaling about 53,000 square feet.
• Ingka plans a roughly 25,000-square-foot IKEA on the first and second floors, with four office levels above and the lower level for storage and operations.
• Nike’s flagship remains in the building, and neither the lease timeline nor a store opening date has been disclosed.
• Ingka Investments will own and operate the site as part of a broader U.S. expansion program announced in 2023.
• The purchase follows IKEA’s planned 80,000-square-foot location at 570 Fifth Avenue, which includes a reported $292 million construction investment.