Comptroller Takes a Bite Out of MTA: Apple Got Too Sweet a Deal on Grand Central Store
Apple has been one of the hottest companies on the planet for going on a decade now, and that includes its retail stores. That glass cube on Fifth Avenue is perhaps the architectural icon of the city this century.
When The Observer learned that Apple was thinking of bringing its biggest iStore to Grand Central Terminal last year, it was viewed as a coup for both the company and the MTA—could there be a more desirable shop in a more desirable location? The fanfare that greeted the store’s opening rivaled that of an Apple product launch, with lines for days.
But then it was revealed that Apple was not paying a share of its profits to the MTA, as every other retailer at Grand Central does. The MTA insisted it was a good deal, but State Comptroller Tom DiNapoli promised an investigation last fall, and he has concluded in a new audit [PDF] that Apple got a sweetheart deal that is rotten for the MTA and tax payers. Read More
