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Mortgage bonds continue to punish investors

New York property touted to house iconic Apple store is stuck in a mortgage bond facing hundreds of millions of dollars in unpaid debt

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CHANGE OF MIND: Apple agreed to pay the building's owners an average of US$6 million a year in rent over 15 years but later decided not to move into the property.

New York

A PROPERTY in New York City that investors were told would be the home of an iconic Apple store has instead wound up stuck in a mortgage bond facing hundreds of millions of dollars in unpaid debt.

Apple never built a store on the 34th Street site and, like much of the bond