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Goldman Goes in on Columbus Circle Retail Project


Turnstyle, the much anticipated underground shopping concourse at the Columbus Circle subway station, has a JV partner in Goldman Sachs’s Urban Investment Group. Goldman will throw in about $3M in equity and about $9M toward construction. The project, spearheaded by Susan Fine’s Oases RE, breaks ground in about a month and is slated to open by the end of the year, according to the Wall Street Journal. The project will use private funds for its upkeep and will have 34 new retail shops, which’ll mostly be local stores with only a handful of locations. It’s already 74% leased. Rents go for around $300/SF, which these days is around half of what you’ll pay for ground-floor space in the area. [WSJ]