MTA Failed to Get Market Rate OR Profit Sharing in Sweetheart Deal for Grand Central Store

The New York Post just outted the MTA’s secret Valentine: Apple. As the paper reports, the MTA seems to have handed Apple prime square footage in Grand Central with precious few stipulations, despite the retail location’s expected windfall of $100 million a year in sales.

Not only did the MTA give Apple the bargain basement price of $60-per-sq-ft. (Shake Shack, by contrast is paying $200-per-sq-ft.), but the MTA also failed to negotiate a percentage of sales, leaving real estate insiders scratching their heads. Read More

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