Posted by: MASMedia in Other Apple News, iPad Tablet, iPhone News, iPod
Still with a few bucks left to spend, Apple Inc has signed a 10-year deal with New York’s Metropolitan Transportation Authority to open its biggest store in the world in New York’s Grand Central Terminal.
The 23,000-square-foot store will take up all of Grand Central’s north and northeast balconies, replacing Charlie Palmer’s Metrazur restaurant, this according to MTA documents.
Apple for the first 10 years will pay an annual rent of $800,000, that’s almost half a million more than Charlie Palmer paid.
After 10 years, the rent will balloon to more than $1 million annually.
Apple will also pay to refurbish the rented building.
The MTA is estimating that the deal will bring it a minimum of $5 million in profits.
The transit agency will ask its financial committee to approve the deal Today. If it passes as expected, the deal will go to the agency’s board of directors this Wednesday for a final approval.
In a statement, the MTA said the deal “has the potential to bring a great new shopping destination to iconic Grand Central Terminal and significantly increase revenues for the MTA’s transportation system.”