Apple Backs Out of 34th Street?

January 25, 2007

Sources have told Forbes Magazine that Apple has decided not to put a retail store at 21 W. 34th Street in New York City, across from the Empire State Building. According to the sources, Apple believed the store would perform well, but, “had second thoughts about the location’s coolness.” Forbes quoted a long-time retail broker saying that there are some upscale stores in the area, but, “Unfortunately, a lot of the old 34th St.–third-rate tourist merchants and rip-off artists–still remain.” Apple signed a $5.5 million per year lease on the 20,000 square-foot, 4-story building, Forbes said, and will now sub-lease the space. It’s at least the second Apple store cancellation in Manhattan. In Sept. 2005 Apple abandoned its plans for a store in the Flatiron District after receiving negative feedback on the architectural plan from the local community advisory board. Apple reportedly signed a 12-year lease on the space, with rent up to $100,000 a month.

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