It is a piece of furniture, which can be turned around, that's the "rotary" element. Free standing=island, in other words it is not attached to anything else, may be possible to walk around it.
It would have shelves or racks, to put newspapers, books or whatever on it. If you can't find something on one side, you turn it, to see the other sides. It can be square or circular shape, and usually about the same hight as a person, so everything is easily visible and reachable on it.