They already have a location at 12 East 18th Street, and the new one will be just a block up but does not replace the current one.
The new one is a 63-bike studio, with showers, a Soul listening bar and a shopping boutique. You can see the class schedule at http://www.soul-cycle.com/reserve-east/index.cfm.
Classes are insanely popular, but don’t come cheap. Your first class is $20, but then future classes are $34. They also have bulk packages you can buy to save a bit.