Apple to Open Third New York Store

Apple Computer Inc., Cupertino, Calif., plans to open its third Manhattan retail store at SL Green Realty Corp.'s retail joint venture at West 34th Street, according to Reuters.com. "The team had to negotiate more than six separate transactions and explore the outer reaches of the New York City building code with help of several consultants," said Andrew Mathias, SL Green's chief investment officer. The deal for the Apple Store west of Fifth Avenue began with discussions of a 50-sq.-ft.-by-100-sq.-ft. floorplan, but the store will end up being 50-75 ft. by 100 ft., Mathias said. Apple's Manhattan locations are known for their innovative designs, including a glass cube entryway at Apple's underground Fifth Avenue location and a glass staircase at the computer maker's SoHo store. SL Green also said it is going to begin plans to redevelop its 1.4-million-sq.-ft. building at 1515 Broadway, the headquarters of media company Viacom Inc., whose lease, which carries below-market rents, is set to begin to expire in stages starting 2008.