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Get a Sneak Peek of the New Planned Apple Store in Grand Central Terminal

10 year lease for $1.1 million/year.

The iconic transportation hub of Grand Central Terminal (commonly called Grand Central Station) hosts thousands of travelers everyday. Now, within the structure's lofty main concourse and under its elaborately decorated star ceiling, a pack of "geniuses" will soon be swarming people playing with iPads everyday.

The Metropolitan Transportation Authority announced the planned leasing of Grand Central Terminal retail space to Apple in July.  Apple will be paying almost four times the rent of the restaurant presently renting the space, and the MTA desperately needs the money. Apple will also be paying the restaurant $5 million to vacate its space on the terminal’s east balcony more than eight years before its lease expires. Apple will be making improvements to part of the leased property at its own cost.

Apple plans to start building the gadget shop immediately and construction is expected to take about four months. The 23,000-square-foot property on the terminal's east balcony will be rented for 10 years at $1.1 million per year.

(H/T: The Real Deal)

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