Apple's Upper East Side store in Manhattan to open after WWDC on June 13
As the news from Apple's upcoming Worldwide Developers Conference will be winding down, the company will be gearing up for its next major retail opening in New York City, officially scheduled for June 13, and AppleInsider has exclusive photos of the store.
Located at 940 Madison Ave. on Manhattan's Upper East Side, the new Apple Store is set to open in two weeks. The June 13 grand opening will fall after the last day of WWDC, Apple's annual developer event where it will reveal the next-generation versions of iOS and OS X.
This week, Apple updated the facade outside its store with banners revealing the location will open on Saturday, June 13. AppleInsider reader Ryan, of Traced, Inc., visited the location and snapped pictures of the signs, which also feature local photos of the city snapped on iPhone 6 and iPhone 6 Plus.
The area of New York's Upper East Side where Apple's latest store is set to open is currently under a great deal of construction, with a number of high-end shops coming to the booming Manhattan neighborhood.
Construction on Apple's Upper East Side store began over a year ago. The retail outlet will be located in a 93-year-old historic bank, made of limestone and marble.
Located at the corner of East 74th Street and Madison Avenue, it was first occupied in 1921 by the United States Mortgage and Trust Company. Designed by architect Henry O. Chapman, the original building cost an estimated $600,000, which comes out to more than $7 million after adjusting for inflation.
While the exterior of the new Apple Store is largely complete, the interior of the Upper East Side location remains largely a mystery. This week, security guards were located outside, preventing passersby from taking pictures inside the store, but tables do appear to be already set up ahead of the June 13 launch.
The Upper East Side Apple Store will be the company's seventh in the city, joining retail locations in Manhattan on Fifth Avenue, at Grand Central, in SoHo, on the Upper West Side, and in the borough of Staten Island. Apple is also working on New York City retail locations at One World Trade Center, as well as in the borough of Queens at the Queens Center Mall.
Located at 940 Madison Ave. on Manhattan's Upper East Side, the new Apple Store is set to open in two weeks. The June 13 grand opening will fall after the last day of WWDC, Apple's annual developer event where it will reveal the next-generation versions of iOS and OS X.
This week, Apple updated the facade outside its store with banners revealing the location will open on Saturday, June 13. AppleInsider reader Ryan, of Traced, Inc., visited the location and snapped pictures of the signs, which also feature local photos of the city snapped on iPhone 6 and iPhone 6 Plus.
The area of New York's Upper East Side where Apple's latest store is set to open is currently under a great deal of construction, with a number of high-end shops coming to the booming Manhattan neighborhood.
Construction on Apple's Upper East Side store began over a year ago. The retail outlet will be located in a 93-year-old historic bank, made of limestone and marble.
Located at the corner of East 74th Street and Madison Avenue, it was first occupied in 1921 by the United States Mortgage and Trust Company. Designed by architect Henry O. Chapman, the original building cost an estimated $600,000, which comes out to more than $7 million after adjusting for inflation.
While the exterior of the new Apple Store is largely complete, the interior of the Upper East Side location remains largely a mystery. This week, security guards were located outside, preventing passersby from taking pictures inside the store, but tables do appear to be already set up ahead of the June 13 launch.
The Upper East Side Apple Store will be the company's seventh in the city, joining retail locations in Manhattan on Fifth Avenue, at Grand Central, in SoHo, on the Upper West Side, and in the borough of Staten Island. Apple is also working on New York City retail locations at One World Trade Center, as well as in the borough of Queens at the Queens Center Mall.
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BTW I live in Europe and the map was initially centered on my town.
Anyone knows what the monthly/ yearly lease is on this? just wondering...
Easy, it's exorbitant. Last year the average in that area was around $3000 per square foot. Apple was probably able to get a better rate, but it's still pretty high.
Its 9000 square feet... thats $27million (per year I presume)... I think thats much too high... In another article its quoted that
"The building offers a 95-foot wide storefront, and a total of 9,000 square feet of space – including the original bank vault. While some of that space will of course be reserved for storage and back office functions, 9,000 feet of Apple retail space would typically generate a cool $54M per year."
I don't think generating $54mil per year and having to pay $27mil for rent and another $20mil for everything else maybe (payroll, ect).. leaves much room for profit.. any thoughts?
Looked for 940 Madison avenue on Maps. This app is still a catastrophe. It showed me a store called "avenue" in St. Louis. Seriously.
BTW I live in Europe and the map was initially centered on my town.
What may be a catastrophe is your lack of knowledge of American history; "Madison", being the 4th President of the United States, is an absurdly popular American street name, not quite up to "Washington" standards (4,974 named for him...), who, btw, was the first President of the United States, but in the running. So add an "NYC" and ONE building is located, the correct one, absent that, well, big list....
Its 9000 square feet... thats $27million (per year I presume)... I think thats much too high... In another article its quoted that
"The building offers a 95-foot wide storefront, and a total of 9,000 square feet of space – including the original bank vault. While some of that space will of course be reserved for storage and back office functions, 9,000 feet of Apple retail space would typically generate a cool $54M per year."
I don't think generating $54mil per year and having to pay $27mil for rent and another $20mil for everything else maybe (payroll, ect).. leaves much room for profit.. any thoughts?
Forbes (May of 2014) has Apple retail sales at $4,551 per square foot.( and that's a decline).. head and shoulders above the next, a neighbor, Michael Kors holdings. Coach, another handbag sort, came in at a lowly $1,532. (VBH, the previous occupant, didn't make the list).
?Plus, like any general number for leases, the individual location will have a lot of variability....
Its 9000 square feet... thats $27million (per year I presume)... I think thats much too high... In another article its quoted that
"The building offers a 95-foot wide storefront, and a total of 9,000 square feet of space – including the original bank vault. While some of that space will of course be reserved for storage and back office functions, 9,000 feet of Apple retail space would typically generate a cool $54M per year."
I don't think generating $54mil per year and having to pay $27mil for rent and another $20mil for everything else maybe (payroll, ect).. leaves much room for profit.. any thoughts?
What is "typically generate" precisely? Mean? Median? American Average, worldwide average? I assume this area of New York would have a large density of people and a large number of wealthy people, meaning it might generate much more than only $54M / annum. I'm totally speculating baselessly on that though.
Looked for 940 Madison avenue on Maps. This app is still a catastrophe. It showed me a store called "avenue" in St. Louis. Seriously.
BTW I live in Europe and the map was initially centered on my town.
Looked for "Europe" on Maps. It showed me Schudutz, Austria. Seriously.
BTW I live in California and the map was initially centered on my office.
(Oh, and the nearest "940 Madison Avenue" to my current location is in Redwood City, CA, USA.)
Its 9000 square feet... thats $27million (per year I presume)... I think thats much too high... In another article its quoted that
"The building offers a 95-foot wide storefront, and a total of 9,000 square feet of space – including the original bank vault. While some of that space will of course be reserved for storage and back office functions, 9,000 feet of Apple retail space would typically generate a cool $54M per year."
I don't think generating $54mil per year and having to pay $27mil for rent and another $20mil for everything else maybe (payroll, ect).. leaves much room for profit.. any thoughts?
Too many variables we're guessing at to really know...
The $27 million you're guessing at is based on a (yes, educated, but still) guess of someone prior @ $3000/sq ft, but not taking into account the possible discount (which we don't have a guess at) that person mentioned, correct?
And the $20 million guess for payroll was reached how?
Not being facetious, just realistic.
I agree there are too many variables... maybe someone out there has a better understanding and can enlighten us..
I put together some numbers to the best of my knowledge..
What we know is that the store is 9000 sq feet and I just googled the typical rent on the upper east side and got results in the $3000/foot ball park (source: zillow.com). Also the "9,000 feet of Apple retail space would typically generate a cool $54M per year" is a safe estimate I think (source: ************)
Payroll and expenses are just my guess (30 people personnel @ $40k average yearly pay) plus utilities and other expenses...
anyone?
Holy crap, I didn't even realize they had begun renovation. Last I heard they had bought (I think), but were getting pushback from community.
Looked for 940 Madison avenue on Maps. This app is still a catastrophe. It showed me a store called "avenue" in St. Louis. Seriously.
BTW I live in Europe and the map was initially centered on my town.
Yes. Sadly (I cannot even express how much sadness, but more than this -->
My thought is that I'm sick of all you crepe hangers happily predicting Apple's doom based on limited data and sheer conjecture.
Holy crap, I didn't even realize they had begun renovation. Last I heard they had bought (I think), but were getting pushback from community.
Was it that side of Central Park that had the local's somewhat annoyed, for some reason I had remembered that being over on the west side.... When I think of people itching about neighborhood "tone" Madison isn't what comes to mind....
Maybe Columbus or there about? The "Upper West Side" one is old (2009) so maybe a tentative new one higher up? I seem to recall an article...
ETA: Nope, I looked around and, yes, it's 940 Madison where the "tone" was mentioned in neighbor complaints....
http://newyork.cbslocal.com/2015/04/17/some-upper-east-side-neighbors-not-happy-about-rumored-apple-store/
Predicting apples doom? wtf? saay no to drugs buddy..
My thought is that I'm sick of all you crepe hangers happily predicting Apple's doom based on limited data and sheer conjecture.
Beluga seemed to be voicing skepticism that the stated lease price was accurate from how I read that: given Apple isn't likely to have walked into a deal that was financially unstable, even off the back of the envelope-wise... no "Apple doom" in sight.
Holy crap, I didn't even realize they had begun renovation. Last I heard they had bought (I think), but were getting pushback from community.
Was it that side of Central Park that had the local's somewhat annoyed, for some reason I had remembered that being over on the west side.... When I think of people itching about neighborhood "tone" Madison isn't what comes to mind....
Maybe Columbus or there about? The "Upper West Side" one is old (2009) so maybe a tentative new one higher up? I seem to recall an article...
ETA: Nope, I looked around and, yes, it's 940 Madison where the "tone" was mentioned in neighbor complaints....
http://newyork.cbslocal.com/2015/04/17/some-upper-east-side-neighbors-not-happy-about-rumored-apple-store/
Yeah. UWS was welcomed and is (mostly) beloved . Just a couple blocks from Lincoln Center and Julliard, as well as CBS studios, etc etc.
But recently there was some issue with neighbors concerned about the brightness of the lights. The store is just a giant lit glass box at night (obviously). It's on a very heavy commercial Ave. though. So…. I dunno.
UES is extremely stuffy. So stuffy, they think an upscale Apple Store will attract "The wrong crowd" (wink-wink) to the area. (man… Now THAT'S stuffy. sheesh)
The upper East side is mostly old money. That’s where the absurdly rich live. The West side has a somewhat younger demographic
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