Apple is to open a second prestigious New York store – joining the Empire State Building on Fifth Avenue.

According to the New York Post, Apple is negotiating a 21,000-square-foot lease for the basement of the General Motors skyscraper: "One of the most expensive basements in the universe".

President of Madison HGCD Retail Services, Richard Hodos, confirmed that Apple had been scouting Fifth Avenue locations between the Rockefeller Center and the General Motors Building for a new Apple Store location. He told the Post: "It would not surprise me if Apple would have a serious interest in that location."

According to the Post, Apple's annual rent would be in the region of $3 million to $4 million.

Apple has not confirmed plans to convert the basement space into an Apple Store, an Apple spokeswoman told the Post: "Right now our only store is in SoHo. Nothing has been announced."