Since the opening of Apple’s Grand Central Terminal store, at least one fellow tenant is seeing a 7 percent increase in sales. That tenant is Michael Jordan’s The Steak House, located across the terminal from the new Apple Store and its co-owner, Peter Glazier says the restaurant has seen the boost of sales since the Apple Store opened 7 weeks ago in December.
Glazier makes sure to point out that the boost isn’t due to Apple simply replacing another restaurant (the Apple Store is located where the Metrazur restaurant used to preside). He says “the jump only happened after Apple opened” – not during the months whilst the space was being renovated for Apple.
So far it seems that the “sweetheart deal” that the New York City’s Metropolitan Transportation Authority’s worked out with Apple is paying dividends — despite initial criticism of the deal. That deal saw Apple agree to a $60-per-square-foot lease agreement, with no revenue sharing agreement. The MTA made the argument that such a flagship store would bring in more customers, benefitting other tenants, so far, it seems that argument has been reflected in reality.
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