State Comptroller Thomas DiNapoli plans on taking a closer look at Apple’s dirt cheap deal with MTA, which leased store space in Grand Central Terminal at a bargain price of just $60 per square foot (works out to $800,000 during the first year) versus the $200+ per square foot most other tenants pay.
According to the Fortune’s Philip Elmer-DeWitt, the store could measure at 23,000 square feet, nearly matching London’s Regent Street (25,000 square feet) and Covent Garden (24,600 square feet) outlets. It should rake in a hundred million dollars in revenue per year:
Some 750,000 people pass through the Grand Central’s marble halls every day, and traffic swells to more than 1 million per day during the holidays. According to the terminal’s official website, 50% of its commuters’ household incomes are over $100,000, and 20% are over $200,000.