Just as we exclusively reported last year (and no one believed us), Apple will build one of its biggest retail stores yet in New York City’s Grand Central Terminal.
Apple signed a 10-year lease with New York’s Metropolitan Transportation Authority to build a whopping 23,000-square-foot store on the upper balcony of the iconic train station, the New York Post reports.
The store will fill Grand Central’s north and northeastern balconies, displacing Charlie Palmer’s Metrazur restaurant. It will be among Apple’s largest stores, about 3,000 to 5,000 square feet larger smaller than Apple’s biggest stores in London and on New York’s West 14th Street.
The MTA is offering Apple a special move-in rent of $800,000 (a cool half-mill more than Charlie Palmer’s restaurant is currently paying). Then it will up the rent to $1 million annually. Apple will pay to refurbish the space, and the MTA estimates it will make $5 million profit on the deal, and revitalize retail at the popular station.
