Apple is looking to expand its Apple Store insignia in the square Fifth Avenue in New York, according to a new report. The company says it is looking to build "Part or all" of the 61.000-square-foot (about 5.667-square-meter) space in the GM building (Fifth Avenue), but apparently does not want to pay full price that the reform entails.
Not only is Apple's iconic Fifth Avenue store one of the busiest, it has also become a great tourist attraction for Apple lovers. So many visitors come in every day that Apple now wants to expand the Apple Store, according to the 'New York Post'.
Although it wants to carry out the reform, Apple is planning to do it on a temporary basis. "But there is a problem when it comes to permanent expansion"adds the report. "Apple does not want to pay the burden of that price because it feels entitled to have it, as it is a global tourist location."
The building is owned by 'GM Boston Properties', which has large investors and shareholders. This means that you can not only give in to Apple's demands, but you can demand that price.
And in that area of Manhattan, which is not cheap as you might suppose, the space on a ground floor ranges from $ 2.700 a $ 4.450 per square foot (0,092903 square meters), and the GM building has 1.207 square meters on the ground floor. That means it will be very expensive for Apple, even at low prices.
Nike is believed to be interested in space too, but it won't be necessary until 2020, when your lease ends. That would give Apple time to temporarily transform said reform and carry out its expansion on Fifth Avenue.
Source | New York Post
