Grand Central Terminal, New York City

Grand Central Terminal, New York City | Photo by Stuck in Customs

Over the last few months a number of rumours have suggested that Apple was showing serious interest in setting up the company’s largest (Editor note: disputable figures as ever) Apple store inside New York City’s Grand Central Terminal. This morning we have near confirmation that Apple has penned a 10-year deal.

As reported in the New York Post Apple is said to have “inked a 10-year deal with the MTA”, the 23,000 square foot store will reside in Grand Central’s north and northeast balconies which will mean the demise of Charlie Palmer’s Metrazur restaurant.

According to Metropolitan Transport Authority (MTA) documents Apple will initially pay rent of $800,000 a year, after 10 years the rent is said to increase to more than $1 million a year.

As is common with large stores in prominent locations, Apple will pay to refurbish the property.

According to the NYPost the MTA financial committee will need to approve the deal Monday with a further ok required on Wednesday from the board of directors.