Apple Built a New Store In Grand Central
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.
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.
