Earlier this week, a report suggested that Apple’s bid for space in the Grand Central would be approved soon. The NY Post reports that Apple has signed a ten year deal with the MTA (Metropolitan Transportation Authority) to open a store inside Grand Central. If true, this would be Apple’s largest store yet.
Tech giant Apple has inked a 10-year deal with the MTA to open its largest store in the world in Grand Central Terminal.
The store was originally rumored to be 16,000 square feet, but now the report suggests that Apple will open a 23,000 square foot store in Grand Central Terminal. Usually, Apple Stores are between 3,000 to 6,000 square feet. In addition, Apple will pay the MTA $800,000 in rent annually for the station’s north and northwest balconies and will go up to a million dollars annually. Apple will also pay for getting the space refurbished, and will have to cooperate with New York’s Landmarks Preservation Commission to get any changes made to the interior approved.
MTA officials predict the store bringing in a $5 million profit for itself yearly through shoppers visiting the Grand Central. Apple’s deal with the MTA is set for a financial committee approval on Monday, and if it is approved the MTA’s board of directors will issue a final approval vote on Wednesday.