View this article at: http://www.macnn.com/articles/08/06/13/fifth.ave.store.value/
Friday, June 13,2008 @ 8:30pm
Friday, June 13,2008 @ 8:30pm
Fifth Ave. store buffs value of NYC property
An instantly recognizable icon of Apple's retail presence, the Fifth Avenue "Glass Cube" store is said to have contributed to raising the value of the property it sits on by over $1 billion. ifoAppleStore reveals that Apple's $100-per-square-foot retail space, combined with other retail locations in the plaza, have helped the selling price when former owner Harry Macklowe sold the location to Boston Properties Incorporated for $2.8 billion this year.
It is rumored that Boston Properties is exploring revenue generation options, since space occupied by FAO Schwartz, for example, goes for $1000 per square-foot, vastly increased from the $71 it currently pays.