Rendering of Grand Central Apple Store

The cash-strapped Metropolitan Transportation Authority presented Apple with an unusually favorable deal to take 23,000 square feet of space in the Grand Central Terminal, according to the New York Post.

Not only is Apple paying just $60-per-square-foot, while other tenants, such as Shake Shack, pay upwards of $200 per square foot, but Apple is also under no obligation to kickback a percentage of its sales to the MTA, as all other Grand Central tenants do. The Post said retail analysts believe the store should generate at least $100 million in sales per year. Real estate executives interviewed by the Post expressed some measure of surprise that the agency wasn’t able to recoup some percentage. [more]

From the November issue:

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Compiled by Russell Steinberg [more]

Rendering of Grand Central Apple Store

[Updated at 4.50 p.m. with information on the store's construction] The Metropolitan Transportation Authority has quietly
released the renderings of the new Apple Store planned for Grand
Central Terminal, on the agency’s website. The images (see above and below) show what the 23,000-square-foot
property on the terminal’s east balcony could look like. The MTA’s
finance committee approved the deal for Apple to lease the property at
the end of July. Apple is taking over the space from Charlie Palmer’s
Metrazur restaurant, and will be paying significantly higher rent: $1.1 million compared to $263,997. Apple
will also be making improvements to part of the leased property at its
own cost, including the installation of an elevator.

Walking through Grand Central late on Saturday night,The Real Deal spotted that construction on the store has begun (photos are available on our Facebook page). Workmen seemed to be removing the furnishings — mostly tables and chairs — from the former Métrazur space and erecting scaffolding. The construction manager declined any further access to the site. [more]

The Metropolitan Transportation Authority’s deal to bring both the Apple Store and Danny Meyer’s Shake Shack to Grand Central Terminal moved one step closer to reality this afternoon when the agency’s finance committee gave the plan its official go-ahead. The Apple Store will take over the terminal’s east balcony from Charlie Palmer’s Metrazur restaurant, as well as the northeast balcony, which is currently vacant, according to the agenda from today’s meeting. The initial term of the roughly 23,000-square-foot lease will be 10 years with the option for two, five-year renewal periods. Shake Shack’s 10-year lease will be for a 2,270-square-foot space in the dining concourse. [more]

200 West, at 200 West 72nd Street

There are few corners of Manhattan as ill-served by architecture as the northwest and southwest corners of Broadway and 72nd Street. In the 1990s it saw the emergence of the Alexandria, a well-intentioned exercise in classical contextualism which, through a combination of weak design and poor construction values, resulted in a pallid eyesore at what should have been the focal point of the Upper West Side. As for 200 West which has just sprung up across the street at 200 West 72nd Street (with an alternate address of 2075 Broadway), the best that can be said is that, if anything, it makes the Alexandria look almost good by comparison. Its mongrelized aesthetic, devised by Handel Architects, is basically art deco in the heavily geometric and vaguely Chrysler-esque flanges that make up the staggered set-backs, starting around the 14th floor. But such adornments do little to enliven or relieve the sense of value engineering and general tedium of this 19-story development, undertaken by the Gotham Organization. The rest is a boxy mass that rises out of nowhere, curving, in true art deco fashion, round the corner where Broadway turns into 72nd Street. More

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