Apple has apparently struck a deal to build a retail store in New York City’s Grand Central Terminal. The 10-year deal will give Apple 23,000 square feet of space, making the location Apple’s biggest store in the world, according to the New York Times.
The new Apple Store will occupy the location where the Metrazur restaurant was, and will cost the company US$800,000 a year. The lease will climb to $1 million annually after the 10 year lease expires.
Apple may open shop in Grand Central Terminal soon
New York’s Metropolitan Transportation Authority still needs the approval of its own financial committee before moving forward, but that most likely won’t be an issue. The agency expects the Apple Store will bring in at least $5 million in for the city, and could make Grand Central Terminal a shopping destination.
The MTA began talking with Apple earlier this year about the location. At the time, Metrazur owner Charlie Palmer said he was being bought out of his lease.
The MTA financial committee is expected to approve the lease on Monday, and will go before the agency’s board of directors for final approval on Wednesday.