Apple Grand Central Store Opens December 9th But State is Probing Its Lease Deal

State Comptroller Thomas DiNapoli has launched an investigation into whether the MTA gave Apple overly generous terms on its lease for the Grand Central store which opens December 9th, according to the NY Post.

The investigation follows an article yesterday that revealed Apple was only paying $60 per square foot and was not required to give the MTA a percentage of its sales.

"The article in the New York Post about the MTA's contract with Apple in Grand Central Terminal is a cause for concern," DiNapoli said in a statement yesterday. "This is a prime property, and I intend to make sure that the MTA hasn't given away the store."


"Consistent with the Comptroller's recommendations, the MTA moved proactively to maximize revenue and quadrupled the rent we receive for this unique space," MTA spokesman Aaron Donovan said of the Apple deal in an e-mailed response yesterday.

The MTA says that Apple will pay for infrastructure upgrades to the space which include a bank of elevators that will bring shoppers to the balcony level. Apple also paid Metrazur $5 million to leave the space.

"They are effectively paying $180 per square foot over the 10 years of the lease, almost 10 times the previous tenant," Donovan argued, adding Apple's payment to Metrazur in that calculation.

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[Image via MacRumors]