An Apple Store is on its way to Grand Central Terminal in NYC. According to the NY Post this week, Apple and the MTA have agreed to a 10-year deal to bring the store to the terminal, replacing Charlie Palmer’s Metrazur restaurant.
So how much does rent cost in NYC’s biggest station? Try $800,000 a year, with the price to rise to a cool million a year if Apple decides to stick around after the initial 10 years are up. In contract – the restaurant that previously took up the space only paid $300k a year for the same space. Apple will also be responsible for all of the costs to renovate the area.
The deal is expected to go in front of the MTA’s financial committee Monday, and if approved with go to the agency’s board of directors for the final vote on Wednesday. The deal will bring over $5 million to the MTA in profits.
While certainly great for tourists, the addition of an Apple Store may cause even more crowded travel for locals and tourists alike trying to use Grand Central. The terminal is already exceptionally well used, causing many to question the choice to include an Apple Store.
Are any of you NYC locals? What do you think about the potential inclusion of an Apple Store in Grand Central?
[via NY Post]