- Jan 17, 2010
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The new Apple store will open in Grand Central Terminal by Black Friday, a report announces. Constructions for what might be the biggest Apple Store to date started in mid August and was expected to take up to 120 days, but, according to the showed pictures, it might take a bit longer for it to reach completion.
The Grand Central store will occupy a whooping 23.000 square-foot space, on the north and northeast balconies of the terminal’s main concourse. It will rise in the place previously occupied by celebrity chef Charlie Palmer’s restaurant Metrazur. Apple paid him $5 million to give up his lease early and penned a 10-year deal with the Manhattan Transit Authority (MTA) to lease the space. According to some documents revealed recently, the annual rent is $800,000 (double than what the restaurant was paying) and it will increase by 3% per year until the ninth year, when it will just go ahead and jump to $ 10 million a year. However, Apple isn’t the only one hoping to bank on the Grand Central traffic, but MTA as well, on Apple’s presence. With the famous tenant, MTA anticipates it will make about $5 million each ear.
Grand Central was opened back in 1871 and has 44 platforms on two underground levels, which makes it the biggest train station. Anywhere. Apple has said that the store will honor the integrity of the building and it will make “very modest alterations to historic elements” in Grand Central.