One of the world's largest Apple store is opening at the landmark Grand Central Terminal. The 2136 square meters personal electronics business will start selling to the public on December 9, reported The Huffington Post. The construction of store began on August. The Grand Central Terminal Apple store, the fifth to open in New York City, is about the size of two that are in London. Now this is the largest store of company. The second largest Apple store in the world is located in Convent Garden in London, England. That location covers 2320 square meters, but only 1520 square meters of that property is open to the public. Apple, behind Macintosh computers and such iconic products as the iPod, the iPad and the iPhone, signed a 10-year lease with the MTA for the space once occupied by Charlie Palmer's Metrazur restaurant, which got US$ 5 million from Apple to clear out early. The lease for Apple cost US$ 800 thousand annually for the first ten years and would bump up to US$ 1.1 million a year after the first decade. According to the transit agency the draw of the Apple name promises to increase foot traffic to other businesses at the terminal, which is visited by about 750 thousand people daily and is home to the Metro-North commuter railroad.

Apple is awaiting approval from New York's Metropolitan Transportation Authority (MTA) for an ambitious construction project at New York metro Grand Central Terminal, reported constructiondigital.com. Apple, the world's most popular computer and electronics manufacturer, hopes to build its largest retail store ever in the historic Grand Central main concourse. The lease would cost Apple US$ 800 thousand annually for the first ten years and would bump up to US$ 1.1 million a year after the first decade. The property is currently in use by Charlie Palmer's Metrazur restaurant, which pays an annual lease of US$ 263.997 thousand. The deal is expected to be approved today at the absolute latest due to the significant financial incentive being offered to the MTA and the city of New York. Apple has also agreed to pay Metrazur US$ 5 million if the restaurant vacates the east balcony location immediately. If the MTA gives the go-ahead, Apple is expected to begin construction on the property almost immediately. The site will be renovated to better suit the company's needs for a retail store, which would be completed in about four months after construction crews begin working. The new Apple store in Grand Central Terminal would span over 2136 square meters, the largest retail store in the company's already massive collection. Currently the largest Apple store in the world is located in Convent Garden in London, England. That location covers 2320 square meters, but only 1520 square meters of that property is open to the public.

According to a new report released by the New York Building Congress this week, construction spending in New York City dropped by 12 percent last year, falling to its lowest level since 2005. Despite the city's economy slowly regaining jobs, builders cut back on residential housing and commercial office buildings during 2010. Overall spending on construction in New York City in 2010 was $23.7 billion compared to $27.1 billion in 2009. One potential reason for this drop could be the completion of two major construction projects in 2009, the new Yankee Stadium and Citi Field. Both sports arenas provided significant temporary boosts to New York's construction industry that leveled off after the projects wrapped up. Another reason is this, during the real-estate boom, the construction industry churned out 34,000 homes or apartments a year. Last year it produced only about 5,400. There was also a significant decrease in government spending on construction projects. In 2009 the combined government spending was $15.7 billion; however in 2010 only $13.5 billion was spent. The number of construction jobs in New York City fell by 8,900 in 2010, down to a total of 111,800. This was the lowest number of construction workers active in the city since 2004. It would have been even worse if not for a few large projects, including the World Trade Center and the new basketball arena at the Atlantic Yards in Brooklyn. Since reaching its peak at over $31 billion in 2007, construction spending in New York City has dropped by 23 percent over the last four years. The New York Building Congress estimates that construction spending will level off at about $24 billion for 2011.

Famous Russian composer Igor Krutoy bought a luxury apartment in New York, at a famous Plaza Hotel with a panoramic view over Central Park. The apartment has about 557 square meters and cost more than $40 million. As Wall Street Journal reported, this is the second most expensive townhouse or apartment sold in New York since the start of financial crisis. But this estate is not the first real estate purchase of Krutoy in New York. In 2003 he purchased half of the 28th floor at the Chatham condominium (a 34-story condominium tower) for $6.1 million. Three years later he paid $7.4 million for the larger apartment next door. In April 2009 Krutoy put both apartments on the market together for just under $20 million and in June he sold the larger one for only $7 million. Note that a luxury apartment in New York is not the only "shelters" of Krutoys' family; they also have apartments in Moscow, houses in Miami and Yurmala.

Popular search engine giant Google, signed a contract to buy office building in New York at 111 Eight Ave. for about $1.8 billion which will serve as the company's Manhattan headquarters. Google already leases 51000 square meter of space in this 18-story building, which was built in 1932. This sale will be the biggest transaction for a single building in the U.S. this year and the largest commercial real estate purchase by a tenant in U.S. history. The building at 111 Eighth takes up an entire block between West 15th and 16th streets in the Chelsea section of Manhattan, south of Midtown. The former industrial warehouse has 270000 square meter floor space, more than the Empire State Building has. Google Inc., according to the latest data, with market capitalization of $188 billion is the third valuable technology company in the world after Apple and Microsoft. Google Inc. was founded in 1998 by Larry Page and Sergey Brin. Later in 2001, Eric Schmidt from Apple, currently CEO of Goole, jointed the team of two founders. According to the latest company regulatory filling, Schmidt and Google co-founders Larry Page and Sergey Brin, all of whom own significant amounts of company stock, will continue to receive a symbolic $1 salary next year.