Apple to Pay $800,000 in Rent for Grand Central Terminal Store

If passed, a proposal by Apple to build a new retail store in the Grand Central area of Midtown Manhattan (New York City) will have the Mac maker pay $800,000 upfront just for rent. After 10 years, the annual rent will exceed $1 million.

Speaking to the press, spokesman Nick Leahy confirmed that Apple had indeed planned to build a store in the Grand Central Terminal, and that the company had recently submitted those plans to New York's Metropolitan Transportation Authority Board.

Leahy said “Our four stores in Manhattan are incredibly popular with customers and we are excited to bring the Apple retail experience to this incredible location.”

The documents filed by Apple reveal that the company would be allowed to use more than 23,000 square feet by taking over both the north and northeast balconies.

If approved by the Metropolitan Transportation Authority, the Grand Central Terminal store will be Apple's largest retail establishment in the world, for which the Cupertino tech giant will be paying an initial $800,000 in rent.

According to CNN, the annual rent will exceed $1 million after 10 years.

A spokeswoman for New York's Metropolitan Transportation Authority Board, Julie Glave, also commented on the initiative saying, "We have received a proposal from Apple that has the potential to bring a great new shopping destination to iconic Grand Central Terminal and significantly increase revenues for the MTA's transportation system.”

MTA, officials said the new Apple retail store could potentially bring in $5 million in revenue for the Authority Board.

Today, July 25th, 2011, the MTA finance committee will review the terms of lease and vote on Apple’s proposal.

According to MTA spokesman Aaron Donovan, their board will vote to authorize the proposal Wednesday, should it pass today.