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
Clockwise from top left: 255 East 18th Street, 27-34 Jackson Avenue, 925 Prospect Place, 343 East 17th Street and 311 First Avenue (Credit: Google Maps)

Gramercy Park dev site leads New York’s mid-market investment sales

Clockwise from left: 273 Church Street, 100 Livingston Street, 1135 Boynton Avenue and 1600 Kings Highway with Jeff Sutton (Credit: Google Maps)

Jeff Sutton deal in Brooklyn leads mid-market investment sales

Kitopi CEO Mohamad Ballout (Credit: Kitopi and iStock)

“Smart” kitchen and delivery startup raises $60M for US expansion

Clockwise from left: 866 United Nations Plaza, 227 East 59th Street and 39 Clarkson Street (Credit: Google Maps)

Former West Village chocolate factory leads NYC’s mid-market investment sales

Vornado CEO Steve Roth and 595 Madison Avenue (Credit: Google Maps and Getty Images)

Fendi, Berluti take over old Coach flagship at 595 Madison

Stockholm, Sweden (Credit: iStock)

Why institutional investors are now in love with Nordic real estate

From left: Authentic Brands Group CEO Jamie Salter, Simon Property Group CEO David Simon, and Forever 21 CEO Do Won Chang (Credit: Getty Images)

Forever 21’s biggest landlord could become its new owner

Ex-Barneys CEO Daniella Vitale (Credit: Getty Images, Google Maps)

Barneys’ lights still on, but workers left in dark

arrow_forward_ios
Loading...