) -- Designed to be a beacon aimed at wealthy commuters rushing through one of New York City's most historic spots,


(AAPL) - Get Report

new store at Grand Central Terminal is finally becoming a reality.

On Wednesday, the Metropolitan Transit Authority -- the organization that oversees the popular transit hub -- released renderings of what the retail outlet will look like.

New York City's Grand Central Terminal will soon be home to an Apple outlet.

Rumored to open in late November, the store

will be located on the terminal's east balcony

where Charlie Palmer's Metrazur restaurant previously stood. The iPhone maker paid $5 million for Palmer to vacate the 23,000 square-foot space eight years early.

Apple will reportedly cough up $1.1 million per year for the space, well above the $263,997 that Metrazur paid.

A retail outlet at Grand Central would serve as a high-profile hub for Apple in a place where more than 750,000 commuters a day -- many of them from affluent communities in nearby Westchester County and Connecticut -- pass through.

Apple's Grand Central location will be its fifth in New York City and potentially its largest in the world. Its landmark Fifth Avenue glass cube store, located about a mile from the terminal, is currently undergoing renovations.

Apple has more than 300 stores globally, and

plans to open 40 more in fiscal year 2011

, including its first in Hong Kong. The consumer giant's

retail strategy has recently become an important driver of revenue


In June, Apple's retail guru, Ron Johnson, announced he was leaving the company to become CEO of

J.C. Penney

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. Johnson helped expand Apple's retail efforts and was responsible for creating the famous Genius Bar, the stores' tech support area.

--Written by Olivia Oran in New York.

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