Apple's Grand Central store opening on December 9

Dec 02, 2011
An exterior view of the new Apple Store location under construction in Grand Central Terminal
An exterior view of the new Apple Store location under construction in Grand Central Terminal on November 23, in New York City. Apple announced on Thursday it will open its new store in Grand Central Terminal next week as state authorities said they are looking into whether the company is paying enough for the prime location.

Apple announced on Thursday it will open its new store in Grand Central Terminal next week as state authorities said they are looking into whether the company is paying enough for the prime location.

Apple said it will open the doors to the Grand Central store in downtown Manhattan on December 9. It will be Apple's fifth store in New York.

The New York Post reported Thursday that State Comptroller Thomas DiNapoli is probing whether the Metropolitan Transportation Authority (MTA) gave overly generous terms on its 10-year lease for the store.

According to the newspaper, Apple is the only retailer among the 100 or so in Grand Central not required to make revenue-sharing payments to the landlord and its first-year lease rate is "well below" that being charged to neighboring tenants.

The Comptroller's Office performed an audit last year of MTA's real estate management practices and DiNapoli said Thursday that he has asked his staff to immediately conduct a follow-up audit.

"While it is common to check back with agencies my office has audited to determine if progress has been made based on our recommendations, the article in the about the MTA's contract with Apple in Grand Central Terminal is a cause for concern," he said in a statement. "This is a prime property and I intend to make sure that the MTA hasn't given away the store."

Apple has around 360 stores worldwide including 245 in the United States.

Explore further: Why the Sony hack isn't big news in Japan

add to favorites email to friend print save as pdf

Related Stories

Recommended for you

Why the Sony hack isn't big news in Japan

17 hours ago

Japan's biggest newspaper, Yomiuri Shimbun, featured a story about Sony Corp. on its website Friday. It wasn't about hacking. It was about the company's struggling tablet business.

Sony faces 4th ex-employee lawsuit over hack

22 hours ago

A former director of technology for Sony Pictures Entertainment has sued the company over the data breach that resulted in the online posting of his private financial and personal information.

Sony tells AFP it still plans movie release

23 hours ago

Sony Pictures boss Michael Lynton denied Friday the Hollywood studio has "caved" by canceling the release of "The Interview," and said it still hoped to release the controversial film.

2012 movie massacre hung over 'Interview' decision

Dec 19, 2014

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

Dec 19, 2014

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

Vendicar_Decarian
not rated yet Dec 02, 2011
Great. Another way to get your pocket picked.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.