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Ikea in NYC

BROOKLYN, NY-Behind the deal:Kenneth Roth discusses the terms, challenges and future of the Ikea being built here.

By Stacey Corso | Updated on June 20, 2005

Stacey Corso is the editor of Real Estate New York magazine. This article appears in the publication’s July/August issue.

BROOKLYN, NY-Swedish home furnishings retailer IKEA plans to build a new outlet store on the shores of the East River in the Red Hook section of Brooklyn. The company has purchased a 48-acre site at One Beard St. for $31.25 million. Upon completion, the 346,000-sf store will be IKEA’s largest in the US and signifies the retailer’s penetration of the New York City market.Kenneth S. Roth, president of Rothwood Real Estate Services represented IKEA in the transaction while Eastern Consolidated’s vice chairman Brian Ezratty, senior director Jeffrey B. Troy and director Louis Ricci represented the seller, US Dredging Corp., a shipyard operator.

The Terms

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