Apple has shelved plans for a third retail store in New York City.

The company had planned to build a new store between Fifth and Sixth avenues in the city. It had already leased space, but now plans to sub-let that space to another.

Initial plans had proposed a 30,000-square-foot four storey store at a $5.5 million a year rent, according to Forbes.

Apple apparently shelved the plans because it wasn't sure if the area was ideal for its brand.