The long-awaited deal for Appleâs sprawling subterranean store in the GM building was recently finalizedâbut only after landlord Harry Macklowe promised Steve Jobs he could take his big $9 million glass cube with him at the end of the lease, reports New York Magazine.
âSteve Jobs felt that he created the cube so he owned it,â said Apple broker Robert Futterman, noting that Macklowe wanted it to stay put. âAt the eleventh hour, that was the biggest issue.â
The report says that Macklowe aggressively wooed Jobs, flying out to California twice and offering the 24,000-square-foot retail space at well below market rent of $1,000 per square foot.
"At the end of the twenty-year lease, Jobs must replace the cube with a comparable structure before hauling it off."
The GM Building flagship Apple store is now slated to open next spring.
Rendering of 5th Ave. Apple retail store entrance.
33 Comments
24,000-square-foot retail space at well below market rent of $1,000 per square foot.
Is that $24 million per month or per year? Regardless, it seems like the $9 million glass cube is pretty insignificant compared to the rental cost - probably won't even be worth removing at the end of 20 years.
How are they going to stop people from throwing a rock at it?
How are they going to stop people from throwing a rock at it?
I assume its tempered glass.
What does one do with 32x32x32 feet of glass?
What does one do with 32x32x32 feet of glass?
Find a 1 inch by 1 inch place to stick an "Intel Inside" sticker on it...
Commercial rents are X number of dollars per square foot per year, so that's $24 million per year for the Apple Store. $2M per month is pretty hefty, even for Midtown.
The glass doesn't have to be tempered. As long as it's thick and the edges are protected, it'll be fine, although laminated glass would be safer. What keeps people from throwing rocks at all the floor-to-ceiling picture windows all over Manhattan but especially common in Midtown? None of those are tempered, either. Mostly, it's the dearth of rocks in Manhattan. Plus the fact that it's tough to damage thick panes of glass. And security cameras.
I suppose Jobs needed something to replace the Jackling house on his Woodside lot.