Apple has inked a 10-year deal with the New York Metro Transit Authority to open its largest store in the world in Grand Central Terminal, reports the “New York Post” (http://macte.ch/gfurc).
The 23,000-square-foot store will take up Grand Central’s north and northeast balconies, displacing Charlie Palmer’s Metrazur restaurant, according to MTA documents. Apple will initially pay rent of $800,000 a year, nearly half a million more than Metrazur paid; after 10 years, the rent will balloon to more than $1 million annually, says the “Post.”
The company will also pay to refurbish the space. The MTA is estimating that the deal will bring it a minimum of US$5 million in profits.