grand central

Did the MTA Screw Danny Meyer?

Cheaper than an iPad ... or is it?

Cheaper than an iPad ... or is it?

You could say it's like comparing apples to oranges, but really, in analyzing the lease details of Grand Central Terminal, we're comparing Apple to Shake Shack. And by the sound of today's story in the Post, the MTA gave Danny Meyer the shaft. The facts: "Apple’s $60-a-square-foot lease is well below what many other tenants are paying — including a future Shake Shack burger joint that will be shelling out more than $200 a square foot." Also, Apple shares "zip, nada, zilch" of its revenues, while Shake Shack has agreed to pay the MTA 8 percent (above a threshold). No doubt Danny Meyer knows what he's doing, but still, his lease loses. [NYP]

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