After nearly two years of waiting, Shake Shack will finally open in Grand Central Terminal later this year. Danny Meyer's burger empire had been fighting to occupy the space on the lower level after the previous tenant, Mexican restaurant Zocalo, refused to leave. Now Crains is reporting that Zocalo has finally relinquished control of the prime location and plans can now move forward to bring concretes and 'Shroom Burgers to midtown.
Shake Shack officially took possession of the space on May 1st after an ongoing struggle to claim their rights. Zocalo had been contesting their eviction for years, arguing that because of Shake Shack's chain status they should not have been able to bid for the spot. The MTA disagreed and Zocalo filed for bankruptcy in October of last year and were given a court order to vacate earlier this spring. "It's very sad," said owner Robert Shapiro.
The burger joint's 10-year lease will net the MTA $567,000 per year by the time the decade is up, in addition to 8% of gross sales. Does this mean Danny Meyer may single-handedly help avoid another fare hike? Don't hold your breath.
