It’s here: the Apple store opens in GCT!

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On Friday, December 9th, hundreds of people were lined up in GCT awaiting the opening of the latest NYC Apple store. This historic event challenged the typical pattern of small boutiques and eateries that have characterized GCT retail for many years (the Oyster Bar and Restaurant is larger at 25,000 square feet but it is hidden away below the main floor). Apple replaces the tony restaurant Metazur on the east balcony overlooking the main concourse, paying $5 million to Metazur on MTA’s behalf to induce it to vacate early (the lease expired in 2019). In addition, Apple has improved and taken over a significant amount of space that was previously non-revenue generating (northeast balcony and Hall B elevator lobby). The total space of 23,000 square feet will have an annual rental of $1.1 million and increase throughout Apple’s 10-year lease. This compares to the $263,000 paid by Metazur. While there is no percentage of revenue clause, common in other retail leases at GCT, Apple will bring substantially increased shopping traffic to the whole complex, thereby benefitting the MTA indirectly. There are 300 employees at the new store ready to help customers with every conceivable problem. Besides purchasing guidance, there is tech support, personal training and start-up service. Clearly, this is an exciting addition to the GTC scene.

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