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Apple Store at Grand Central Terminal a done deal

Zach Epstein
July 25th, 2011 at 7:38 AM

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.


Zach Epstein

Zach Epstein has worked in and around ICT for more than 15 years, first in marketing and business development with two private telcos, then as a writer and editor covering business news, consumer electronics and telecommunications. Zach’s work has been quoted by countless top news publications in the US and around the world. He was also recently named one of the world's top-10 “power mobile influencers” by Forbes, as well as one of Inc. Magazine's top-30 Internet of Things experts.

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