It has been reported that the tech giant, Apple will open its largest store in the world in New York’s Grand Central Terminal after signing a 10-year deal with the Metropolitan Transportation Authority.
The 2,100 sq m store will take up Grand Central’s north and northeast balconies. The rent on the space is expected to reach more than $US1 million ($A925,669) annually in 10 years but will start at $US800,000 ($A740,535) a year.
MTA is banking on bringing in at least $US5 million ($A4.63 million) in profits from the deal. The deal will be approved on Monday by the transits agency’s financial committee.
If it is agreed to, as expected, the deal will go to the agency’s board of directors on Wednesday for final approval.
MTA said 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”.