NEW YORK: State Investigates Apple Store Deal At Grand Central Terminal

As I mentioned here recently, the largest Apple Store in the world opens in Grand Central Terminal this Friday. But other tenants are screaming about the cushy deal granted Apple by the MTA, the owner of the building. The state comptroller's office is investigating.

State Comptroller Thomas DiNapoli has launched an investigation into whether the Metropolitan Transportation Authority gave Apple overly generous terms on its lease for the shop, which is slated for a splashy opening next week. The probe comes in response to yesterday’s exclusive report by The Post, which noted that the cash-rich tech giant will be the only retailer among the 100 or so in MTA’s Grand Central Terminal not required to make revenue-sharing payments to the agency landlord. What’s more, Apple’s 10-year lease for a space on the northeast balcony of the historic commuter hub overlooking the Main Concourse — which will amount to about $800,000 for the first year — is well below the rate being charged to many neighboring tenants, including the Michael Jordan’s Steakhouse that shares the balcony.

The New York Post notes that Apple will only be paying $60/square foot, versus the $200 to be paid by the coming Shake Shack. It also remains to be seen whether the computer giant can draw a measurable increase in traffic to a location that is already one of the world's busiest transit hubs.