Although not the smallest, Apple’s planned store in New York City’s Grand Central Terminal could be the tech giant’s cheapest Big Apple location. The backdrop of countless movies, the cavernous Grand Central turns out to be less expensive than your average Manhattan store front.
Ironically, because Grand Central is such a landmark, restrictions will reduce costs as Apple can make fewer changes to the building. Instead, Apple will pay a bit over $6 million to rent about 23,000 existing square feet, or $112 per square feet. That compares favorably to the $2,000 per square feet upscale Manhattan shop tenants must pay.
Apple plans to pay $5 million to buy out Metrazur Restaurant’s remaining eight-year lease for 9,685 sq. ft now used on the east balcony. Another $1.1 million per year goes to the MTA to rent the space along with another 14,000 sq. ft. on the northeast balcony, according to the Wall Street Journal and ifoAppleStore.
However, for that money comes access to some highly-wanted foot traffic. Each day, more than 750,000 people go through Grand Central Terminal – more than 1 million during the holidays. Half of those visitors earn more than $100,000 with 20 percent making over $200,000, according to the Grand Central website.
If Apple gets MTA approval Wednesday to begin construction, the new store could open by November – just in time to hawk the iPhone, iPad and Mac to all of those monied travelers. All Aboard!
