updated 04:35 pm EDT, Mon July 25, 2011
Apple expected to pay $1.1m for annual rent
Committee members from New York City's Metro Transit Authority have provided further details surrounding the Grand Central Apple Store proposal, which was confirmed earlier today following a number of leaks. Previous reports suggest Apple will face $800,000 for annual rent as part of the agreement, however the yearly charge is said to jump by an additional $300,000 after the first ten years.
Although Apple has yet to release official images of the proposed store's architecture, The Wall Street Journal's Rob Bennett has created a mockup showing one potential layout in the terminal's main concourse.
The store will be built in the same location as a restaurant, Metrazur, which was said to have been offered $5 million to voluntarily depart early in its lease. Aside from the restaurant space, the company has also secured an adjoining balcony.
While some board members simply highlighted the new addition to the station, others took the opportunity to gloat over Apple's decision to seek out Grand Central rather than Penn Station.
"It makes the Penn Station customers no longer second-class citizens, it makes them third-class citizens," said board member Mitchell Pally.