One of New York's most iconic locations will soon be housing the largest-ever Apple store with the unveiling of the company's latest retail store in Grand Central Terminal this Friday.
The highly anticipated opening, which was originally rumored to be taking place on Black Friday, was announced via a company ticker board placed above the location's storefront. The new store will be replacing former tenant Charlie Palmer's Metrazur restaurant, who Apple reportedly paid $5 million to vacate the location early.
Apple's latest retail venture will cover 23,000 square-feet, displacing their current largest store in London's Convent Garden neighborhood which has 16,372 square feet open to the public.
The new store will be greeted by 750,000 people who pass through the station on a daily basis.
While excitement over the opening fits appropriately in time for the holiday shopping season, the MTA is currently under scrutiny for allegedly cutting a special deal with Apple and allowing them to pay a lower lease of $60 per square-foot, far lower than the $200 square-foot lease reportedly being paid for a future Shake Shack in the terminal.
In addition, The Post reports that the MTA is also exempting the technology giant from sharing a portion of their revenue, a mandate required by all Grand Central Terminal retailers.
State Comptroller Tom DiNapoli issued an official audit of the MTA's real estate practices last week, but the MTA doesn't appear too shaken by the accusations. In fact, their response is 'Bring it on.' The MTA told The Observer:
Luckily for Apple fans, the new location is on track to open as scheduled, regardless of a two month, real estate investigation.
This is the best possible deal for the MTA, quadrupling the rent we receive and bringing foot traffic to Grand Central Terminal that will increase revenue from all of our retailers. We look forward to explaining the details of this competitively bid transaction to anyone who is interested.