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500 Columbus Avenue, a five-story property on Manhattan's Upper West Side, has sold for $28 million, highlighting the continued demand for well-located properties with significant value-add and redevelopment potential. The property, located between West 84th and West 85th Streets, was acquired by Brooklyn-based Terra Developers from CKMR Corporation, the entity formerly known as Sloan's Supermarkets.
BKREA represented the seller in the transaction, with Bob Knakal and Jake Hulsh leading the assignment. The sale demonstrates the appeal of strategically located Upper West Side assets that combine existing retail income with significant residential upside.
The 35,300-square-foot property sits on a 10,217-square-foot corner lot and includes a Gristedes supermarket, Park West Laundromat, and a shoe repair shop on the ground floor. Above the retail space are 12 apartments that have reportedly remained vacant for approximately 30 years, presenting a significant opportunity for residential repositioning.
The 12 residential units above the supermarket have been vacant for roughly three decades. According to Bob Knakal, the units are well positioned for conversion into condominiums, creating an opportunity to unlock substantial additional value.
Located between West 84th and West 85th Streets, 500 Columbus Avenue benefits from its position in one of Manhattan's most established residential neighborhoods, surrounded by retail, restaurants, transportation, and neighborhood amenities.
The property's ground floor includes a Gristedes supermarket along with Park West Laundromat and a shoe repair shop, providing an existing retail component within the asset.
The property's 10,217-square-foot corner lot provides potential for additional development, including the possibility of expanding upward, subject to applicable zoning and approvals.
The acquisition by Terra Developers demonstrates continued investor interest in properties where existing conditions can be repositioned to create additional value.
The transaction reflects BKREA's ability to identify and market assets with complex ownership histories, existing income, and significant redevelopment or repositioning potential.
500 Columbus Avenue represents the type of opportunity that can attract sophisticated investors: a well-located asset with established retail occupancy, long-vacant residential units, and potential for additional development.
The transaction also highlights how properties that may appear fully utilized at first glance can contain significant untapped value. In this case, the combination of retail space, vacant residential apartments, and a large corner lot created multiple potential strategies for a new owner.
The property had remained in the same ownership lineage since the 1970s, when it was acquired by an entity of Sloan's Supermarkets. Terra Developers ultimately acquired the building for $28 million, with the transaction financed through a $25 million loan arranged by Newmark.
500 Columbus Avenue is a five-story mixed-use property on Manhattan's Upper West Side, located between West 84th and West 85th Streets.
The property sold for $28 million.
BKREA represented the seller, with Bob Knakal and Jake Hulsh handling the transaction.
The property includes 12 apartments that have reportedly been vacant for approximately 30 years, creating potential for residential conversion, in addition to existing ground-floor retail.
Brooklyn-based Terra Developers acquired the property from CKMR Corporation.
Potential strategies include converting the long-vacant apartments into condominiums and exploring additional development on the property's 10,217-square-foot corner lot, subject to zoning and approvals.
The $28 million transaction demonstrates continued investor demand for well-located Manhattan properties where repositioning, residential conversion, and development potential can create additional value.
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