Apple signed a 10-year deal with the MTA to open its largest store in the world in Grand Central Terminal. The transit agency will ask its financial committee to approve the deal Monday. If it passes as expected, the deal will go to the agency's board of directors Wednesday for a final OK.
According to the reports:
"The 23,000-square-foot store will take up Grand Central's north and northeast balconies, displacing Charlie Palmer's Metrazur restaurant, according to MTA documents.
Apple will initially pay rent of $800,000 a year, nearly half a million more than Metrazur paid.
After 10 years, the rent will balloon to more than $1 million annually.
The company will also pay to refurbish the space."
The MTA is estimating that the deal will bring it a minimum of $5 million in profits.
In a statement, the MTA said the deal "has the potential to bring a great new shopping destination to iconic Grand Central Terminal and significantly increase revenues for the MTA's transportation system."
Apple plans for a Grand Central Terminal store have been rumored several times since February. In May, celebrity chef Charlie Palmer's M