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December 07, 2011

Apple Store Makes Giant Entry in Grand Central Terminal

By Miguel Leiva-Gomez, TMCnet Contributor

One of the biggest Apple (News - Alert) stores in the world is set to open shop on Friday at New York’s Grand Central Terminal. The store’s space will be leased by the Metropolitan Transit Authority (MTA), which owns the station and controls the major transit systems in Manhattan.



The MTA says that the space will be on a lease of $180 per square foot. That’s $4,140,000 for the entire 23,000 square foot space. The average rate in Grand Central Terminal is roughly around $200 for each square foot, making it obvious that Apple received a discount in its rate payment requirements.

MTA was more than enthusiastic about the deal, since Apple is a major brand name and might attract many customers to some of the nearby stores and restaurants. Apple is what spokesman Arnold Donovan considers an “anchor tenant” and these kinds of stores get special deals to bring a larger customer base to everyone else. In the end, it’s a win-win situation on writing, but still people must see whether it actually pans out that way.

The place that Apple currently is taking over was once occupied by Charlie Palmer’s Metrazur restaurant. In exchange for clearing its business out of the location early, Apple offered the restaurant $5 million. The discount for Apple on behalf of the MTA was largely due to the large price they paid the restaurant to leave and the annual increases for the rate.

Everything about the store says it’s planning to make a majestic presence in New York. Being Apple’s fifth store in the city, it’s also one of the largest in the planet, about the size of two of Apple’s biggest London locations.




Miguel Leiva-Gomez is a professional writer with experience in computer sciences, technology, and gadgets. He has written for multiple technology and travel outlets and owns his own tech blog called The Tech Guy, where he writes educational, informative, and sometimes comedic articles for an audience that is less versed in technology.

Edited by Jennifer Russell
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