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The store should open as early as September, although it's not clear where, exactly, they'll find that much room in Grand Central. There are already currently over 100 retailers in there in what is something of a mall, but a store as big as that would be by far the largest around.
It's Apple's 10 year anniversary of having retail stores, and a new flagship in NYC could be a perfect celebration for the company.
Via Cult of Mac