The Metropolitan Transportation Authority is looking for restaurants to fill two spaces in Grand Central Terminal that have never before been available and could generate $20 million in annual revenue, according to Crain’s. One space is 12,000 square feet on the west end of Vanderbilt Hall, centered around a 2,100-square-foot space that used to be a hair salon. The restaurant would put seats in the hall itself and could extend as far back as the Times Square Shuttle passage for a takeout shop. The other space is a 5,000-square-foot balcony that is currently used for storage above the food market.
The agency will issue a request for proposals this month and hopes to find restaurants to open next year, in time for Grand Central’s 100-year anniversary. The winning bidder for the larger space must agree to serve breakfast, lunch and dinner seven days a week, must not be a chain, and needs to find a way to coexist with Vanderbilt Hall events, including the Holiday Market. New York operators are preferred.
Crain’s said the MTA could charge $80 to $100 per square foot in rent for the spaces in Grand Central, which is underserved by restaurants. The plan is part of the agency’s ongoing efforts to capitalize on its real estate holdings. [Crain’s]