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Apple lands 10-year Grand Central Terminal store deal

updated 02:15 pm EDT, Sat July 23, 2011

Apple scores 10yr Grand Central store

Apple has already reached a deal for its Grand Central Terminal store. The Metropolitan Transportation Authority confirmed to the NY Post that Apple will have the location for 10 years and is refurbishing the space. Apple will start paying rent of $800,000 per year, or almost three times the $300,000 a year of the outgoing Metrazur restaurant.

MTA officials anticipated the store turning a profit for itself of about $5 million per year through the shoppers visiting the bus and train hub.

A formal approval from the MTA's financial committee is expected Monday, followed by a board of directors approval on Wednesday. Apple hasn't said when construction will start or when it expects the store to open.

The deal is a coup for Apple, whose only real store in the East upper midtown Manhattan area is the flagship 5th Avenue store more than a dozen blocks North. Along with soaking up the increasing retali traffic, it could be vital to catching demand from tourists or from residents of the other New York City boroughs that might pass through Grand Central but can't justify venturing to the other locations.

Having the space for a decade in itself is significant. Unlike most malls and other retail spaces, Grand Central store owners often have to bid to keep their own leases and can potentially lose their space even if they're otherwise profitable. [image via OpenTable]



By Electronista Staff
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  1. Bobfozz

    Fresh-Faced Recruit

    Joined: Jul 2008

    +10

    Cool Beans.

    Ah, that old business tactic of you have to "spend money to make money." Something many corporations do not want to do right now. Why? Let's face it, they aren't that confident in their product and they want others to GO FIRST! Kid stuff management.

  1. Parky

    Mac Elite

    Joined: Oct 1999

    -4

    WOW

    "can't justify venturing to the other locations" you lazy, lazy people!

  1. coffeetime

    Mac Enthusiast

    Joined: Nov 2006

    +8

    Will Microsoft...

    open a store of their own across from Apple also? If they dare.

    Comment buried. Show
  1. facebook_ZekWoo

    Via Facebook

    Joined: Jul 2011

    -11

    Apple

    Apple always gets what Apple wants.
    www.net-privacy.us.tc

    Comment buried. Show
  1. facebook_Judy

    Via Facebook

    Joined: Jul 2011

    -15

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  1. qazwart

    Fresh-Faced Recruit

    Joined: Apr 2001

    -4

    It's An Expensive Store

    The restaurant still has eight years of lease on their contract. Someone will have to pay the restaurant for those eight years before they vacate. On top of that, the space is really quite small -- much smaller than the Apple store on Fifth Avenue which is only 10 or so blocks away.

    Apple really must think they'll have a lot of people who'll shop here, but not the place down the street in order to make back their investment. This is their fourth store? At this rate, I wonder how long it'll take before Apple stores out number the Starbucks in New York.

  1. facebook_Adam

    Via Facebook

    Joined: Jul 2011

    +3

    Exciting

    I'm sure the restaurant may be taking some of that $500,000 a year more than what they paid to pay out their lease. Also, as far as Apple Store size goes, this will be the biggest Apple Store ever built after completion. Right now I believe that title belongs to a store in Australia. And in actuality, the Fifth Ave store isn't that big. It's just deceivingly big from above with the glass cube. The numbers don't lie my friend. The new space is 23,000 square feet.

  1. facebook_Al

    Via Facebook

    Joined: Jul 2011

    +5

    Acoustic Research Showroom

    This apple store is going to be located in the same area as the famous Acoustic Research Showroom was from 1959-1974. I remember going there as a teenager to listen to music while waiting for the train back to my home in Ossining. This was one of the experiences which led to my lifelong appreciation of music and electronics.

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