The 23,000-square-foot store will take up Grand Central's north and northeast balconies, displacing Charlie Palmer's Metrazur restaurant, according to MTA documents.
Apple will initially pay rent of $800,000 a year, nearly half a million more than Metrazur paid. After 10 years, the rent will balloon to more than $1 million annually. The company will also pay to refurbish the space.
The MTA estimates it will receive a minimum of $5 million in profits and says the deal "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."
Read More [via James]