Apple expected to take Grand Central space

TRD New York /
May.May 23, 2011 11:44 AM
Apple could be coming to the Grand Central balcony

Apple is among the retailers interested in renting a 15,320-square-foot space in Grand Central Terminal that comprises two adjacent balconies on the north and east sides of the transit hub, according to the Wall Street Journal. The Metropolitan Transportation Authority is seeking a single renter for the space, part of which is currently occupied by Metrazur restaurant, which is set to close July 1. Though Charlie Palmer, the celebrity chef who runs the restaurant, said the location is “doing well,” he is seeking to profit off the money a new tenant would pay him to vacate the lease, which is not set to expire until 2019. According to the Journal, the MTA hopes and expects that Apple will get in on the bidding. While the Journal reported that retail experts project huge profits for an Apple store in the terminal, even though the space is smaller than Apple’s typical outlet, it’s the MTA that stands to gain the most from a new tenant. Facing deficits, the agency is trying to accumulate more revenue from its real estate holdings, and stands to earn far more from a new tenant than the $400,000 Palmer paid per year in a deal negotiated back in 1998. Several other restaurants and stores are expected to bid on the space, too. [WSJ]


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