Apple’s Grand Central Apple Store in New York City is official, as The Metro Transit Authority announced both the deal with Apple and a new Shake Shack location for the busiest train station in the U.S. In addition to publishing the details for the multi-year deal, The Wall Street Journal also published renderings of the store showing how Apple’s minimalist design aesthetic will work inside the New York City landmark.
“[Apple’s retail store] maintains Grand Central as the iconic structure and place that it is,” Metro-North Railroad President Howard Permut said at a meeting of the MTA board’s railroad committee.
MTA Real Estate Director Jeffrey Rosen added, “I can’t imagine why any kid in Westchester would want to do anything other than go into Grand Central and shop at Apple and eat at Shake Shack.”
“Our four stores in Manhattan are incredibly popular with customers and we are excited to bring the Apple retail experience to this incredible location,” Apple said in a statement.
Rendering of the Grand Central Apple Store
Source: The Wall Street Journal
Word of the deal began leaking over the weekend, and negotiations between Apple and the MTA have been rumored for months. The real deal, however, includes Apple paying Charlie Palmer’s Metrazur restaurant US$5 million to vacate space in the terminal’s east balcony eight years early, and Apple then paying $1.1 million per year to rent that space plus another 14,000 adjacent square feet — Metrazur was only paying $263,997 for its share of the space.
All told, Apple will be leasing 23,000 square feet for its fourth location in New York City. Philip Elmer-Dewitt noted that reports that say this would be Apple’s largest store are in error, as London’s Regent Street store is 25,000 square feet, while the Covent Garden store is 24,000 square feet, making the Grand Central Terminal store a healthy #3 in size.