Apple is opening up shop in Grand Central Station minutes away from the iHospital located in New York City. Don’t forget to stop by the iHospital for all your iPhone, iPod and iPad repairs! No appointment is necessary and most repairs are done while you wait by certified D.i.D specialists.
This will be the fifth brick-and-motrtar store in New York City. Construction began in mid August and it was expected to take roughly 120 days. Meanwhile, Apple’s flagship Manhattan store located on Fifth Avenue is currently giving its iconic glass square entrance a major upgrade.
The Grand Central store will be approximately 23,000 square feet and will be located on the north and northeast balconies of the terminal’s main concourse. It will be one of the biggest (if not the biggest) Apple Store to date. Apple paid celebrity chef Charlie Palmer a cool $5 million to give up his lease early.
Apple signed a ten year lease and will be paying a hefty annual rent of $800,000, double what Charlie Palmer was paying. Rent will increase by 3% each year and after the ninth year it will jump to $10 million.
The Manhattan Transit Authority is hoping the Apple Store will bring substantial economic benefit to the MTA compared to the status quo. They expect to make $5 million per year with Apple as a tenant.
Grand Central has a colorful history in New York City. It was built in 1871 and its 44 platforms on two underground levels make it the biggest train station in the world. Apple is promising to preserve the historical integrity of the building and will make modest alterations.
Will you be stopping by the new Apple Store on Black Thursday? Be sure to take pictures and share them in the comments below.