San Francisco Apple Store sells for record-breaking $50 million
The San Francisco Apple Store is setting record sales numbers. Not for the new iPhone, but for the land itself. The Union Square property is reportedly selling for almost US$50 million thanks to a bid from mega-realty corporation Ashkenazy.
Normally commercial real estate prices near the exclusive Union Square location average an already mind-boggling price of $2,000 per square foot. The deal for the Apple property makes that look downright reasonable, averaging out to $3,000 per square foot.
Meanwhile the Apple Store will be moving to 300 Post St., a nearby spot that was previously occupied by Levi's. The original building will be demolished so Apple can build the new store to its own specifications. According to Apple Insider, the building project has faced a number of struggles thanks to interference from the city on its design. Apple is currently waiting for the plan to be approved by the city's planning commission.
