Terms of Apple's Sweetheart Deal for Grand Central Terminal Retail Store Revealed
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.
Apple's Grand Central Terminal retail store (Thanks, Tom!)
Apple has posted digital signage advertising the forthcoming store, with The New York Post having indicated that it will be opening on December 9th.
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You wouldn't know that by reading the article, but we are talking about the Post here. I guess it's remarkable that the words "mangled" "toilet" or "hooker" weren't somehow worked in.
The size has no relevance, it's not like a company with $80B in the bank can't afford $200/sq. ft. anyway. The commercial value of the real estate doesn't change due to the size of the place, not where I'm from anyway.
It's a classic case of the rich getting richer, and much like Apple's $7B quarters where half the people on this site practically cream themselves and then decry Apple when they cut enormous bonuses to their executives, people will do the same here--say how great and awesome and powerful Apple is, and then complain when they give the money to the top executives at the company.
A sweetheart deal for Apple where NY is practically giving away the space. Meanwhile, NY will continue to blame its budget shortfalls on pension outlays, unions and other hardworking New Yorkers for "not doing their fair share". Even though NY is already the highest taxed state in the union :mad:
There's an apple store here that's next to a restaurant and I think I do eat more at that restaurant now because I can stop by the apple store before or after.
But then again he wasn't a very friendly or helpful genius.
Nor was he an actual genius.
It creates traffic for everyone else. Apple can draw crowds like no other. Apple Store halo-effect.
If this is true then Apple should have zero problem signing a contract based on actual improvement. If there turns out to be less improvement than predicted then why shouldn't there be less of a discount given?[ Read All Comments ]
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