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Roosevelt Island's Grim Retail Strip Headed for a Makeover

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Roosevelt Island's East Berlin-like Main Street retail corridor is finally getting some aid. The Journal reports that the Roosevelt Island Operating Corp., after a multi-month search for a private company willing to take on and turn around the depressing strip, will give a 30-year lease on all 34 stores to a Hudson Companies-Related Companies team. The team will give the RIOC all the stores' current revenue and then split with the agency any additional profit. Bringing in that money means modernizing the space. We're predicting chain stores, since this is the suburbs we're talking about.
· Spiffing Up Roosevelt Retail [WSJ]
· Roosevelt Island's Retail Cold War Ending [Curbed]