Apple wants to expand iconic 5th Avenue store, but without paying full rent price

By , May 19, 2016

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Apple wants to expand its iconic retail store on New York’s Fifth Avenue, the city’s most-photographed landmark, but doesn’t want to pay full price for it.

With its sights set on the nearby 61,000 square foot former FAO Schwarz space in the GM Building, Apple refuses to pay the going rate for rent.

It originally wanted the FAO Schwartz location to temporarily relocate the existing Fifth Avenue store as it’s being overhauled, but now Apple signaled intent to permanently occupy the space.

According to an article published by New York Post, the Cupertino company refuses to pay the asking freight because it thinks it’s “entitled” to the prime retail spot as it’s “made” the location a global tourist draw.

According to a new Real Estate Board of New York report, asking rents for ground floor space in that area of Fifth Avenue range from $2,700 to $4,450 per square foot. By comparison, the Madison area garners $1,250 to $2,058 per square foot.

The former FAO Schwarz plot includes about 13,000 square feet of street level real estate. Should Apple receive preferential treatment in terms of pricing solely on the basis of the glass cube store being such a strong tourist attraction, do you think?

Source: New York Post

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  • Agneev Mukherjee

    Come on, The iconic Cube is the eighth wonder of the world…

  • Wicrowe

    Cheap bastards! JK!

  • George V

    2700-4450 per square foot…. My oh my

  • dispecktacled

    so whoever rents the 13000 sq. ft FAO Schwartz space at $2700-4450/sq ft is looking at paying $35-$58 Million per month?
    yeah, right!

  • Mark S

    Self entitlement isn’t just restricted to individuals. Am I supposed to feel bad for a company with billions in the bank that makes billions more every year? Waaaa. Don’t like the price? Put your store somewhere else smart guy.