NEW YORK, NY—Apple is awaiting approval from New York’s Metropolitan Transportation Authority (MTA) for an ambitious construction project at Grand Central Terminal.
Apple, the world’s most popular computer and electronics manufacturer, hopes to build its largest retail store ever in the historic Grand Central main concourse. The lease would cost Apple $800,000 annually for the first ten years and would bump up to $1.1 million a year after the first decade.
The property is currently in use by Charlie Palmer’s Metrazur restaurant, which pays an annual lease of $263,997. The deal is expected to be approved by this Wednesday at the absolute latest due to the significant financial incentive being offered to the MTA and the city of New York. Apple has also agreed to pay Metrazur $5 million if the restaurant vacates the east balcony location immediately.
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If the MTA gives the go-ahead, Apple is expected to begin construction on the property almost immediately. The site will be renovated to better suit the company’s needs for a retail store, which would be completed in about four months after construction crews begin working.
The new Apple store in Grand Central Terminal would span over 23,000 square feet, the largest retail store in the company’s already massive collection. Currently the largest Apple store in the world is located in Convent Garden in London, England. That location covers 25,000 square feet, but only 16,372 square feet of that property is open to the public.
Apple is also currently pursuing plans for a new campus in California.