Apple to open largest store in world in NY

Tech giant Apple will open its largest store in the world in New York's Grand Central Terminal after signing a 10-year deal with the Metropolitan Transportation Authority.

The 23,000-square-foot store will take up Grand Central's north and northeast balconies, where the Charlie Palmer's Metrazur restaurant stood, according to MTA documents, AFP reports.

The rent on the space is expected to reach more than $1 million annually in 10 years but will start at $800,000  a year.

The company will also pay to refurbish the space and the MTA is banking on bringing in at least $5 million in profits from the deal.

The transit agency will ask its financial committee to approve the deal on Monday, the New York Post reports,

If it is agreed to, as expected, the deal will go to the agency's board of directors Wednesday for final approval.

In a statement, the MTA said the deal "has the potential to bring a great new shopping destination to iconic Grand Central Terminal and significantly increase revenues for the MTA's transportation system."