Macklowe Sells Home of Apple Store

In a record-setting transaction, real estate tycoon Harry Macklowe has signed a deal to sell the General Motors Building, home of the Fifth Avenue (NYC) Apple store. The transaction isn’t expected to affect any aspect of the Apple store’s operation, as the company’s tenancy is governed by a detailed contract. The sale price of the 50-story building wasn’t disclosed, but real estate insiders say it could have fetched as much as $2.9 billion, the highest price ever for a single building. Macklowe purchased the building at 767 Fifth Avenue from Donald Trump in June, 2003 for a reported $1.4 billion. Macklowe later approached Apple for a possible store, leading to the under-plaza and glass Cube design for the store that opened in May, 2006. The Apple store undoubtedly helped lift the value of the building, leading to the record-setting sale.