The Metropolitan Transportation Authority, the landlord for Grand Central Terminal, expects the station’s net income from retail stores to fall by more than 11 percent this year, the agency reported today.
The terminal’s net income from rents (profit after expenses) for 134,000 square feet of retail was expected to fall from $12.8 million in 2007 to $11.3 million in 2008, the lowest figure in at least three years. Retail sales at the terminal last year jumped by 9.3 percent over the previous year, and revenue increased for 73 out of 86 tenants.
Total retail sales at the terminal last year hit $175 million, a 9.3 percent rise over the previous year, and revenue increased for 73 out of 86 tenants.
The data was released in an annual report by the real estate division of the MTA during its monthly board meeting today.