![]() ![]() Typically, an anchor tenant does not share revenue. MTA spokesman Aaron Donovan said the $180-per-square-foot cost reflects the $5 million payment to the restaurant, plus Apple's $2.5 million capital investment in the space and a $1.1 million annual rate that will rise each year of the lease.Īpple will not share any portion of its revenue with the MTA, as do other retailers at the terminal.ĭonovan said Apple is considered an anchor tenant at Grand Central - equivalent to a prominent store in a mall that serves as an attraction surrounded by smaller retailers. The transit agency says the draw of the Apple name promises to increase foot traffic to other businesses at the terminal, which is visited by about 750,000 people daily and is home to the Metro-North commuter railroad.Īpple, 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 $5 million from Apple to clear out early. ![]() The store includes a basement storage area that was never leased before. is paying $180 per square foot for its lease - slightly less than the $200-per-square-foot top rate at the century-old Manhattan train hub.īy leasing to Apple, the MTA says it is quadrupling the rent for Grand Central's east balcony and an adjacent one overlooking the cavernous main concourse with its famed night-sky ceiling. The owner of the space, the Metropolitan Transportation Authority, which runs the city's bus and subway system, says Apple Inc. The 23,000-square-foot personal electronics business will start selling to the public on Friday. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |