Grand Central Apple Store Rent Survey

Grand Central Apple Store Rent Survey

The low rent of the future Apple Store located in the Grand Central New York terminal is questionable, to the point that the city authorities have decided to open an investigation.

While Apple has not yet announced the opening of its new Apple Store located in the Grand Central New York terminal, New York authorities are wondering about the “low” rent that the Cupertino company will have to pay for the rental of the space of 1,400 square meters from the strategic location. This is at least what indicated Thomas DiNapoli, the New York State Comptroller (understand: the controller of the state of New York), who announces to have made the steps so that an investigation is carried out on the agreement concluded between Apple and the New York's Metropolitan Transportation Authority (MTA).

We remember that the Cupertino company went there with its wallet to be able to take over this space: not less than 5 million dollars (3.4 million euros) were to the MTA. However, the low rent set by the MTA is the issue. While the space occupied should normally cost 1.1 million dollars per year (or ~ 764,000 euros), the Cupertino company must "only" pay a relatively much lower amount (800,000 dollars or ~ 594,000 euros the year).

In a press release, the MTA defends itself by indicating that Apple nevertheless pays a sum 4 times greater than the former tenant (Charlie Palmer's Metrazur restaurant) which however did not occupy the entire area granted by the Cupertino company and that another candidate had shown no interest in occupying the whole surface.

Remember that 750,000 commuters pass through this strategic location in New York City daily and that Apple should therefore be able to easily recoup its costs.

We discuss it on the forum.

(Source: Apple Insider )