Turnstile underground retail project moving ahead

Susan Fine, Howard Glatzer secured Goldman financing for Columbus Circle concourse

TRD New York /
May.May 26, 2015 02:05 PM

Construction on the Turnstile underground retail concourse in Columbus Circle is set to start in the next month, with the project having secured Goldman Sachs’ Urban Investment Group as a joint-venture partner.

The $14.5 million project, developed by Susan Fine of Oases RE and investor Howard Glatzer, calls for two blocks of underground retail space in the corridor leading to the 59th Street-Columbus Circle subway station.

The Metropolitan Transportation Authority selected Fine and Glatzer’s proposal for the project in 2012, with the developers winning a 20-year master lease to take over the 15,000-square-foot retail corridor. The deal represented the first time the agency tapped a private firm to manage and operate its space.

The corridor is already 75 percent leased and scheduled to open by the end of the year, according to the Wall Street Journal. About 34 shops will cater to an estimated 88,000 people who pass through the subway station each weekday. Rents average about $300 per square foot – roughly half of what space goes for above ground.

Goldman’s investment in the development consists of a $3.5 million equity investment and about $9 million in construction costs. [WSJ]Rey Mashayekhi


Related Articles

arrow_forward_ios
Gary Barnett and 1855 Broadway (Credit: Google Maps)

Gary Barnett assembling Columbus Circle development site

From left: 254 Water Street, 45-01 Northern Boulevard and 34-08 46th Street (Credit: Google Maps)

Here’s what the $10M-$30M investment sales market looked like last week

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

For mall owners like Simon, Brookfield and Vornado, Forever 21 bankruptcy signals more trouble ahead

Clockwise from top left: 2-34 Beach 102nd Street in Far Rockaway, 175 Canal Street West in Mott Haven, 102 Fulton Street, and 71 Smith Street in Boerum Hill (Credit: Google Maps and StreetEasy)

Here’s what the $10M-$30M NYC investment sales market looked like last week

145-65 Wolcott Street in Brooklyn, 3428 Park Avenue in the Bronx and 20 East 35th Street (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

10 Madison Square West (Credit: StreetEasy, iStock)

Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment

Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

arrow_forward_ios