Apple signs deal to open its biggest store in the world at New York's Grand Central
TECH giant Apple has inked a 10-year deal with the Metropolitan Transportation Authority (MTA) to open its largest store in the world in New York's Grand Central Terminal.
The 23,000-square-foot (2136sq m) store will take up Grand Central's north and northeast balconies, displacing Charlie Palmer's Metrazur restaurant, according to MTA documents, the New York Post said.
Apple will initially pay rent of $800,000 a year, nearly half a million more than Metrazur paid.
After 10 years, the rent will balloon to more than $1 million annually.
The company will also pay to refurbish the space.
The MTA is estimating that the deal will bring it a minimum of $5 million in profits.
The transit agency will ask its financial committee to approve the deal on Monday. If it passes as expected, the deal will go to the agency's board of directors on Wednesday for final approval.
In a statement, the MTA said the deal "has the potential to bring a great new shopping destination to iconic Grand Central Terminal and significantly increase revenues for the MTA's transportation system".
