Apple inks lease in Grand Central space

July 25, 2011 08:29AM

Apple is coming to the Grand Central balcony

After months of speculation, it seems that tech giant Apple may have finally come to a deal with the Metropolitan Transportation Authority to open a store in Grand Central Terminal. According to the New York Post, Apple has signed a 10-year deal to open a 23,000-square-foot store on the north and northeast balconies, pending approval from the MTA’s board of directors.

MTA documents seen by the Post show that Apple will pay $800,000 per year in rent and will pay to refurbish the space. After ten years, that fee would increase to $1 million per year.

Apple’s prospective space was formerly occupied by Charlie Palmer’s Metrazur restaurant, which paid almost half a million less than what Apple will be paying, the Post said.

The MTA is anticipating that the deal will bring it around $5 million in profits.

The transit agency will ask its financial committee to weigh in on the deal Monday. If it passes as expected, the deal will then go to the agency’s board of directors Wednesday for a final approval. [Post]