Apple store boosts profits for other GCT retailers

June 26, 2012 11:00AM

The somewhat controversial Apple store in Grand Central Terminal is proving a wise decision, as revenue at other retailers in the station has been boosted, the New York Post reported.

Tenants have averaged 7.5 percent higher profits, the Post said. “I’ve yet to hear a negative [about Apple’s presence],” Nancy Marshall, Grand Central Terminal’s development director, told the Post. “The tenants couldn’t be happier.”

The perpetually cash-strapped Metropolitan Transportation Authority, landlord of the terminal, could also benefit, as higher profits mean higher rents, the Post said.

When the $60-per-square foot deal with Apple for the retail space was reached last year, State Comptroller Thomas DiNapoli blasted the agency for not charging enough, but the MTA fired back, insisting that the deal made sense. [Post]