updated 11:10 am EDT, Wed May 7, 2014
Expansion should entrench Apple in Manhattan
Apple is constructing a store at a former bank building in New York City, located at 940 Madison Avenue, sources say. The limestone and marble structure dates back to 1921, when it was home to the United States Mortgage and Trust Company; it has since changed tenants several times, and is currently occupied by a luxury vendor, VBH. Although it has also been renovated several times, the building is said to retain most of its original features, which could be part of the appeal for Apple.
The main appeal, though, is presumably expanding Apple's Manhattan coverage north of Fifth Avenue. The building is moreover said to have 4,000 square feet on the ground level, plus a 1,000 square-foot mezzanine, and another 4,000 square feet in the basement, which even includes a vault.
Elsewhere in Manhattan, Apple has reportedly signed a lease for space in the World Trade Center mall. Adding two more stores could thoroughly saturate the New York City area, which already has five shops in Manhattan alone.