SAN FRANCISCO, CA - JANUARY 18: The Apple logo is displayed on the exterior of an Apple retail store on January 18, 2011 in San Francisco, California. Apple will release first quarter earnings one day after CEO Steve Jobs announced that he will be taking an medical leave of absence. Apple stock fell less than 3 percent after the announcement was made of his leave. (Photo by Justin Sullivan/Getty Images)
Apple plans to open its largest store in New York's Metropolitan Transportation Authority's Grand Central Terminal.
The proposed 23,000-square-foot Apple store will take over Grand Central's east and northeast balconies in New York City, taking over formerly Charlie Palmer's Metrazur restaurant according to MTA documents, the New York Post reported. Apparently the transit authority couldn't believe their luck because the Cupertino, Calif., company will pay $800,000 a year to rent the space, nearly half a million more than Metrazur paid. (The 23,000-square-feet proposed space reportedly would be the biggest Apple store ever, but size is relative. That's still only about half the size of an average Walmart.)
The deal was made even sweeter when Apple agreed that after 10 years, Apple will pay rent of $1 million a year. Apple will also pay to remodel the space into a storefront. The transit authority has reportedly been in negotiations with Apple for the last six months, according to PCMag.
The transit agency board will ask its financial committee to vote on the matter today. If it passes, it moves onto a board vote Wednesday, where it will likely pass. 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."
We'd say so. Not only is Apple paying nearly double the rent, but also refurbishing the space out of their own pocket. The MTA should be trying to land Apple as quickly as possible just in case all that Silicon Valley money decides to go elsewhere.