It has been reported by The New York Times on details regarding the contract within Apple and the Metropolitan Transportation Authority (MTA), for their Grand Central Terminal retail store being renovated currently, which notes that Apple has been getting a very extreme and favourable deal for the space concerning it being compared to the tennants at the terminal. The most signiticant concessions that were made by the MTA was a huge lack of any revenue that was being shared from what was to be an estimated to be potentially $100 million in sales per year for the location.
But while real estate insiders estimate the shop will rake in $100 million a year in sales, Apple won’t be sharing a nickel with Grand Central’s operator, the Metropolitan Transportation Authority.
The tech giant is the only retailer in the fast-growing retail transit hub to have such a sweet lease.
Critics likewise note that Apple’s $60-a-square-foot lease is well below what many other tenants are paying — including a future Shake Shack burger joint that will be shelling out more than $200 a square foot, according to the leases, copies of which have been obtained by The Post.
All of the other tenants at this terminal that were exceptionally of the Chase ATM brand that pay a small percentage of their sales to the MTA as soon as it is agreed-upon, once the threshold has been met. Apparently, the MTA was willing to come to an agreement with Apple to have them as a tenant, and putting Apple in their place at the MTA will allow them to climb the ranks in their presence to drive more sales that will be included in a part of their numerous locations, while there are over 100 retail stores at the MTA.
A digital signage was posted by Apple that advertised the forthcoming store, with it being indicated by The New York Times indicating that it will be opening as of December 9th this year.