Apple Strikes A Deal With Grand Central Station, 10 Years In The Making
Who said persistence doesn’t pay off? According to the New York Post, Apple finally landed a deal with the MTA ten years in the making.
The agreement will bring a 23,000-square foot Apple Store to Grand Central Station, one of New York City’s busiest transportation hubs. The future Apple store will take the place of Charlie Palmer’s Metrazur restaurant, with the rent finalized at a staggering $800,000 per year.
As part of the negotiations, the rent is slated to increase to $1 million after ten years pass, which in itself is impressive that Apple managed to lock in a 10 year lease. Most companies have to re-bid on their lease each year and often loose the space to the highest bidder. Apple doesn’t seem to mind as they are forking over $500,000 more than the restuarant before it, and will still be responsible for renovating the existing space. It’s a small price to pay as MTA officials estimate the Apple store will generate $5 million per year, thanks to its new home.
Apple has yet to comment on when construction will begin.
