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Terra Developers has acquired 500 Columbus Avenue, a five-story mixed-use property on Manhattan's Upper West Side, for $28 million. Located at the northwest corner of Columbus Avenue and West 84th Street, just one block from Central Park, the property offers significant residential redevelopment potential in one of Manhattan's most sought-after neighborhoods.
The 35,300-square-foot building features ground-floor retail anchored by a Gristedes supermarket and 12 residential apartments that have remained vacant for approximately 30 years. BKREA's Bob Knakal and Jake Hulsh represented the seller in the transaction.
Located just one block from Central Park, the property occupies a highly visible corner location with strong residential demand and long-term redevelopment potential.
The building's 12 upper-floor apartments have been vacant for three decades, creating a rare opportunity to renovate and reposition the residential component.
According to BKREA, the existing residential units are well suited for condominium conversion, allowing the new owner to capitalize on continued demand for Upper West Side residential properties.
The 10,217-square-foot corner lot offers the potential for vertical expansion, providing flexibility for additional residential density and long-term value creation.
The property's retail component is anchored by Gristedes, with additional neighborhood tenants including Park West Laundromat and a shoe repair shop, providing existing cash flow while redevelopment plans are evaluated.
Bob Knakal and Jake Hulsh represented the seller, leveraging BKREA's expertise in marketing value-add and redevelopment opportunities throughout New York City.
The acquisition reflects continued interest from developers seeking well-located Manhattan properties with repositioning potential, despite a challenging financing environment.
Properties that combine existing income with redevelopment potential continue to attract experienced investors. With vacant residential units, stable retail occupancy, and the possibility of future expansion, 500 Columbus Avenue represents a compelling opportunity to create long-term value in one of Manhattan's strongest residential markets.
The sale also demonstrates continued confidence in Upper West Side assets that offer both immediate cash flow and future redevelopment optionality.
Terra Developers acquired the property for $28 million.
The building offers 12 long-vacant residential units, stable retail income, and the potential for condominium conversion and future vertical expansion.
500 Columbus Avenue is located on the Upper West Side at the corner of Columbus Avenue and West 84th Street, one block from Central Park.
The residential units can potentially be converted into condominiums, and the site offers additional upside through possible vertical expansion.
BKREA's Bob Knakal and Jake Hulsh represented the seller in the transaction.
The sale demonstrates continued investor demand for prime Manhattan assets that combine stable retail income with substantial residential redevelopment potential.
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