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New York

State Assembly will also investigate Apple’s Grand Central lease

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Grand Central Terminal
In the latest twist to the saga of Apple’s lease at Grand Central Terminal, the State Assembly will also investigate the terms of the company’s alleged “sweetheart” deal, the New York Post reported. The store will open tomorrow.

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The Committee on Corporations, Authorities and Commissions, which has authority over the Metropolitan Transportation Authority, a state agency, has started assembling documents for an inquiry, the Post said.

As The Real Deal previously reported, the terms of Apple’s lease fail to tap into the gadget maker’s meaty revenue stream — projected to be around $100 million per year, according to published reports. Leases for every other tenant at Grand Central include a provision to give a percentage of their revenue to the MTA, the station’s landlord. [Post]

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AppleGrand Central TerminalState Assembly