Apple Store at Grand Central Terminal a done deal

By on Jul 25, 2011 at 7:38 AM
Business July 25, 2011

Apple has reached a deal with the New York Metropolitan Transportation Authority to open a massive Apple Store in the main terminal at Grand Central. Several publications including the New York Post reported the deal over the weekend, which Apple has been negotiating since early this year. The 23,000-square-foot retail shop will be the largest Apple Store location to date, and it will occupy the space currently inhabited by renowned chef Charlie Palmer’s Metrazur restaurant. According to the terms of the deal as reported by the Post, Apple will pay $800,000 annually for the retail space during the length of the 10-year contract. Should Apple re-sign the lease in 2021, the rent will increase to more than $1 million each year. Charlie Palmer’s restaurant group paid just over $300,000 each year for the space, the report claims. The MTA’s financial committee is expected to green-light the deal on Monday, and then it will be reviewed Wednesday by the body’s board of directors. “[The deal with Apple] 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,” the MTA said in a statement. The MTA expects the deal to bring in at least $5 million in profit for the agency.

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  • John

    you guys might as well create a separate rss feed for apple stuff. it really would help me + most of your readers here. just sayin’..

    • http://www.facebook.com/people/Chuck-Wilson/1349086575 Chuck Wilson

      Why? No one is forcing you to come here or click the links to stories. It is amazing how many that hate Apple. Always have to click the link. I never click links to stories I don’t want to read. But I do have common sense.

      • John

        It’s not that I hate Apple. I own an Apple device.

        It’s just that BGR used to be pretty diverse with what they report on, but as of the past year or so, it’s been inundated with a majority of Apple related posts. It gets quite annoying. I know I can just rm the RSS feed, but as a long time reader, it was a fairly simple request that’ll most likely go unnoticed.

        It’s not hard to create a separate feed. MANY sites do that type of thing.

      • Bringit

        why though?  BGR posts non-Apple threads – threads on the latest Android phone for example – that get hardly any posts.  The Apple threads are by FAR the post popular and get the post posts.  It’s not even close.

      • John

        *shrug* Everyone has a personal request. That’s all it was. It’s something as a long time reader is suggesting. Nothing more.

      • IPwn

        Hey John,
        I’ve been reading this site since since early 2008 and it has always been more coverage on apple related material.

    • The Donald.

      So you’re saying that content covering the most popular tech company on the planet…which is constantly at the top of BGR’s most popular chart…and which is constantly on the top of most popular charts for every other general tech site…which is thus the most popular such content on the Internet…should be separated off and should not come through BGR’s main feed.
      That would be an awesome business decision. You should start a tech blog.

      • John

        Relax lil timmy. No need to get your panties in a wad. Like I said, it’ll go unnoticed so there’s no need to fret over it. Hell, I don’t care what’s on their main feed. Create other RSS feeds for those of us who can’t stand the constant Apple posts. I’ll use those instead

      • Grim

        Bgr is a WordPress site. You can create a feed from any category or tag page. Just add /feed to the URL.

      • John

        Aw..nice. For some reason I never knew about doing that. Thx Grim!

      • Rudy

        It’s true – Hitler created many great things :
        Autobahn, VW, Porsche and propaganda

        Case and point…

        BGR reports on 1 million downloads of OS X Lion on launch day, but fails to report on the bugs that have turned avid OS X users away from continuing to download the OS X.  I wish there was more reporting on how unreliable Mac’s have gotten, but that’s negative Apple press.  I don’t fix computers for a living for over 10 years now, but the last 3 months I have been swamped helping friends out almost every weekend repair their Mac’s.  I had one PC owner 2 weeks ago within this span fix their e-mail…but I had 10.7 problems from the patch and a video card failure on two different Mac users this weekend alone.  

        I need to start pleading ignorance on ability to correct Apple problems.

  • http://www.droiddoes.com/ iNorm

    Just what the world needs….another apple store, NOT!

    • Anonymous

      Are you upset because there are  zero android stores?

      • Anonymous

        Android doesn’t need any stores they already have all the manufactures advertising their phones! On the other hand apple doesn’t so they need something like this.

      • Anonymous

        Apple probably gets more free press/advertising than ALL the other mfrs combined. I hate apple too but let’s try and not sound like a total fucking moron when bashing crApple ok? U stupid shit.

      • Anonymous

        Ohhhhh Scroaty-poo-pooo aka Scroat aka Mobile aka Scroatum, stop offending the innocent.

        Dear Trisjen1983,

        I, the real PAPINYC, apologize for Scroat’s lewd and offensive remark; it’s really beyond his control, you see, he’s the unfortunate product of inbreeding due to the incestuous relationship between his alcoholic Mom and his drug-addicted uncle.

        My sincerest apologies.

        PAPINYC, CtO
        (Chief tAmpon Officer for Apple)

      • Anonymous

        ATTENTION PLEASE!!! scroaty-poo-poo has stolen my ID. if you squint when you look at my name you will see it changes to Scroat! EVERYONE, CAN YOU SEE IT??? Please.. Someone? Can you see it?

    • Anonymous

      When I walk into an Apple store it reminds me of being in an Ikea Store with Best Buy salespeople as the staff.

  • http://profiles.google.com/andrew.lamarra Andrew Lamarra

    To sell 10 products?

    • Anonymous

      I know what you’re saying!!! It’s rediculous that apple thinks they can make any money in retail with only 10 products. When apple finally goes bankrupt, probably in two years, this will prove to be the reason. Apple….retail stores?? SMH  true story™©®

      • Highlandchef

        Right. Apple is the fastest growing retailer in the country right now both in size and profit. Maybe other electronic stores should be paying attention. I’d bet part of the allure of the Apple stores is the offerings are not as confusing. A limited selection with staff that understands and can explain the product to the consumer. Compare that to the standard electronic store with 10,000 products staffed with minimum wage idiots that barely know which products they carry.

  • Anonymous

    At this rate they should start integrating Starbucks inside the store. And why not, integrate a pharmacy and an eye care professional like walmart.

    • Mummy2

      You forgot a gourmet food and nutrition drink section

  • Anonymous

    Old news BGR

  • Anonymous

    So in addition to the tourists gawking at the ceiling and the info booth, I’ll now have to worry about running over tourists gawking at the apple store when rushing to a train?

    • Bringit

      yes.

  • Claude2004

    Why Apple will pay $800,000 annually when a famous restaurant only (!) pay $300,000 for the same spot?
    Mr. Bloomberg get over tobacco and see that American (Apple) company get a fair deal…
    A rent of that amount will be pass to Apple customers.

    • Anonymous

      - When Metrazur opened 13+ years ago, Grand Central has just undergone a major renovation and was nowhere near the tourist draw it is now – so between that and inherent inflation over time, the famous restaurant owner was able to negotiate for much more favorable lease terms back then.  The store will also use more resources from GCT, since it’ll probably be a 24-hour store – hence another reason for higher pricing.
       
      - Not sure what your 2nd point means… mad about cigarette taxes? 

      - Apple will still profit from this aside from rent cost – the store will probably generate higher revenue than even the 5th Ave store due to its location and size (so it pays for itself).  Plus it’s a single store – nowhere near the $$ Apple is putting down for their new HQ.

  • Anonymous

    Apple will rule the world.  true story™©®

  • Anonymous

    That’s the perfect location for their new store, especially since there’s no subway service on the weekends (and, terrible subway service on weekdays), hence, ‘no service’ and ‘no service’ will go hand in hand.

    They should consider a store in Port Authority as well, I understand that’s always a zoo: “The Apple iZoo Store”, has a ring to it!!

    • Anonymous

      LOL, great post!   The Port Authority is what it is, a zoo, honestly don’t know how to change it.  An Apple Store there would work for Apple and create mayhem for all others.

      • Anonymous

        Shut yer god damn mouth. No one cares if you like my comment. Piss off now.

      • Anonymous

        Ohhhhh Scroaty-poo-pooo aka Scroat aka Mobile aka Scroatum, stop offending the innocent.

        Dear VersedNJ,
        I, the real PAPINYC, apologize for Scroat’s lewd and offensive remark; it’s really beyond his control, you see, he’s the unfortunate product of inbreeding due to the incestuous relationship between his alcoholic Mom and his drug-addicted uncle.

        My sincerest apologies.

        PAPINYC, CtO
        (Chief tAmpon Officer for Apple)

      • Anonymous

        Dear VersedNJ, I still don’t give a flying fuck that you liked my comment. Please feel free to jump off a bridge you cock sucking ass kissing faggot.

    • Anonymous

      What?  Grand Central Terminal has no subway service on the weekend?  What’s the 4, 5, 6, 7, and S then?  The S alone runs every 2-5 minutes during most of the day, even on weekends.

      Perhaps you are confusing “subway” with “Waterbury Line”, which only then would it be partially accurate.

      Either way, Gellar is going to love this.  He can now take the New Haven Line to GCT from Greenwich.  Just another way for him to easily keep up with his Apple love, and probably even provide further inspiration for his Apple themed NYC apartment.

      • Anonymous

        That’s was classic!!

        By the way, most of the lines you mentioned, as well as all the other lines in the system, are usually rerouted or halted on the weekends.

        But, our little Jonny’ can always walk or take a bus there. And, this is something I’m sure will elate him, I just found out that the MTA is going to equip all NYC buses with Apple seat cushions.

      • Anonymous

        P.S. I have a tiny penis.

      • Anonymous

        While there is a lot of reroutings, to say that service would be routed away from GCT is quite laughable.  Service will not skip GCT, even on weekends.  Period.

    • Mobile

      What a dumb boring fairy cock troll you are.  About 1,000,000 (that’s six zero’s) go through Grand Central.  Daily.  Daily.  Daily.  More on holiday’s.  The Grand Central subway station is THE BUSIEST stop in NYC.  The neighborhood captive shopping population of office workers earn a
      combined $11.3 BILLION a year.  

      Dumb boring fairy cock troll.

      • Anonymous

        Ohhhhh Scroaty-poo-poooooo…….., how many more user handles do you have?

        Having a hard time deciding which one to stick with? Sounds like you’re suffering from iVacillation? Take your meds’!!!

      • Anonymous

        I’m an asshole. Thanks.

      • Anonymous

        FAIRY COCK TROLL!!!

    • Anonymous

      Please feel free to tell me to fuck off if u think I’m an asshole.

  • Bringit

    In related news, Android will be opening their first store in an yet to be disclosed US McDonalds drive through.  If you honk twice and order a Happy Meal, you get three free Android phones of your choice.

    • Anonymous

      More overhead equates to more expenses and ultimately leads to the costs being transferred to the customer.

      • Bringit

        $35 psf in Grand Central?  Not worried about Apple’s overhead on this one at all.  Nor should the customer.

  • http://twitter.com/theburack theburack

    The real story is the MTA is only earning $35 per square foot when going retail rate in Manhattan is three times that.  This is a sweetheart deal for Apple.  MTA should be charging market rates and not raising prices of commuter tickets.  

    • Anonymous

      Yeah, the MTA got hosed.

  • sirpaul

    Damn Grand Central is going to be packed on iPhone launch days!

  • http://twitter.com/HireMeAccenture HireMeAccenture.com

    I’d love to see this store when it’s done!

    Help Me Get A Job
    www[dot]hiremeaccenture[dot]com

    Leave A Comment

  • Anonymous

    Attention people. I would like to apologize for my comments and then commenting to myself. I admit I am an asshole. I don’t know why I am such an attention whore. Perhaps it’s because of my mother. I breast fed to age 9. By the way. I have a small penis.

    • Anonymous

      Ohhhhh Scroaty-poo-pooo aka Scroat aka Mobile aka Scroatum, stop offending the innocent.

      Dear BGR,

      I, the real PAPINYC, apologize for Scroat’s lewd and offensive remark; it’s really beyond his control, you see, he’s the unfortunate product of inbreeding due to the incestuous relationship between his alcoholic Mom and his drug-addicted uncle.

      My sincerest apologies.

      PAPINYC, CtO
      (Chief tAmpon Officer for Apple)

      • Anonymous

        ATTENTION PLEASE!!! scroaty-poo-poo has stolen my ID. if you squint when you look at my name you will see it changes to Scroat! EVERYONE, CAN YOU SEE IT??? Please.. Someone? Can you see it?

  • GDZ

    $2.90 psf/month is a pretty nice deal even considering the location. Thats a lot a month for a typical retail company – but I think its a no brainer for Apple.

  • Anonymous

    Attention people. I would like to apologize for my tAmpon and maxiPad jokes. I’m an asshole. I admit it. Sorry people. If you see another comment from me it means I admit I’m a fucking shit heel.

  • QNX Please

    So now BGR talks about retail stores opening up…. Why didn’t you report on the new Verizon Wireless store that opened up down the road from me? Oh right….

  • Anonymous

    ATTENTION PLEASE!!! scroaty-poo-poo has stolen my ID. if you squint when you look at my name you will see it changes to Scroat! EVERYONE, CAN YOU SEE IT??? Please.. Someone? Can you see it?

  • Janwar

    Americans, change US Railways to Apple Railways, and US Post to Post PC :-) )

  • Anonymous

    So APPLE is going have to pay that 500,000$ a yr rental space. wonder if they could afford it.

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