Real Estate Blog "On The Level:" Turning It Up In NYC
The world’s retail capital is turning it up yet another degree, as a hot landmark project geared toward commuters launches development.
Turnstyle is the reinvention of a span of underground corridor that runs from West 57th St. to the Columbus Circle/59th St. subway. The new iteration, slated for a fall 2015 opening, will feature 26,000 sq. ft. of space divided among more than 30 retail shops and restaurants, ranging from trendy kiosks to 1,000-sq.-ft. storefronts and offering everything from jewelry and cosmetics to grab-and-go food and smart gathering places.
At the helm of the press-worthy public-private project is Susan Fine, CEO of Oases RE and Columbus Development LLC, and the mastermind behind the $250 million restoration of Grand Central Terminal. “The lesson we learned at Grand Central was to mix it up,” Fine told me during a phone interview. “At Turnstyle, we will blend the national brands with New York homegrown brands, which is a great juxtaposition.”
Half the space is spoken for, by such names as Lush, Specs, Studio Manhattan, Bluwire and Magnolia Bakery, and the development team is on a mission to weave in a total of about 30 tenants, which “will allow us to offer choices and options in terms of food and retail goods and services. We are creating an underground street that will be traversed by a huge mix of people who need choices when they shop,” said Fine.
This will be a fun project to watch take shape. The first public-private partnership with the MTA, Turnstyle is building into an existing neighborhood and a part of the city that needs more retail. “We are in a thriving corner of New York,” said Fine. “And we are starting with 23 million people a year before we even open.”