Shake Shack Infiltrating Grand Central Terminal
Shake Shack is finally taking strides towards opening a new location by Grand Central, after two years of lawsuits, bankruptcy, and an eviction notice for the previous tenant. Zocalo, a Mexican eatery, vacated its space on the lower level of Grand Central Terminal at the end of April for the infamous burger, fries, and shakes retailer, Shake Shack, to open up. It is expected to open later this year.
“It’s very exciting to think we’ll have a Shake Shack housed within such an iconic New York City landmark,” said a spokesman for Shake Shack. They officially took the space on May 1, over two years after news was released of their pending arrival. “We are pleased to be able to move forward at last with out ongoing effort to re-bid the retail spaces in Grand Central. Doing so in a regularized, periodic way ensures that the public receives the maximum benefit for this valuable retail space,” explained a Metropolitan Transportation Authority spokesman.
Shake Shack signed a 10-year lease, with an annual minimum rent of $435,000, which is about $100,000 higher than Zocalo’s. By the end of the 10 years, Shake Shack will be paying $567,000, while giving 8% of gross sales to MTA.