Retailers—Including Apple!—Fleeing Wall Street Area

Remember a couple of years ago when all the luxury goods companies were putting down stakes in the Wall Street area? Tiffany! Hermès! BMW! Apple! Never mind…

From The Real Deal/Crain’s (sub. req.): There’s more bad news on Wall Street: Retailers are rethinking their plans to inhabit the suddenly plagued financial district. Real estate sources say that Apple, which had been in talks for a deal at 23 Wall St., has recently nixed a move into the downtown space, citing troubled banking industry waters. It would have been the popular tech firm’s fourth Manhattan location.

Meanwhile, Mercedes-Benz may be reconsidering plans for a downtown dealership space located near rival BMW’s 67 Wall St. showroom, which opened two years ago.

“Almost every retailer is now trying to renegotiate or get out of leases moving forward,” says Michael Appel, managing director of Quest Turnaround Advisors.


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