Apple is backing off on plans to pursue its proposed new multi-level retail outlet in New York City, reports Forbes. “Sources say image-conscious Apple, which leased the space from a joint venture between SL Green Realty Trust and developer Jeff Sutton, has had second thoughts about the location’s coolness (34th St. between Fifth and Sixth avenues) and had plans to put the site up for sublease. Apple had planned a 30,000-square-foot, four-story store with about 75 feet of frontage along 34th St., and had signed up to pay rent of about US$5.5 million a year.