The Real Deal New York

MTA seeks private company to manage Columbus Circle subway retail

June 19, 2012 12:00PM

Columbus Circle

The Metropolitan Transportation Authority this week will issue a request for proposals for a private company to lease the entire 13-store retail complex at the Columbus Circle subway station, then sub-lease and manage the individual shop units, Crain’s reported. This will be the first time a private company will manage and fill an MTA-owned space.

Managing shopping centers “is not our core business,” Jeffrey Rosen, the MTA’s director of real estate, told Crain’s. “It’s something the private sector is very good at and users are accustomed to working with well-known shopping center developers.”

The storefronts were part of a $120 million renovation of the subway station that sees 68,000 customers per weekday.

As previously reported, the MTA is planning a similar arrangement for the Fulton Street Transit Center, which is slated to open in two years, Crain’s said. [Crain's]

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