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BKREA successfully represented Lucia Nuzzi Meyer in the $28 million sale of 500 Columbus Avenue, a mixed-use property on Manhattan's Upper West Side. Acquired by Terra Developers, the property comprises approximately 35,258 square feet across 15 units, including three commercial units and 12 multifamily units. The transaction closed on July 31, 2026, at approximately $794 per square foot.
The sale highlights the continued appeal of well-located mixed-use properties in established Manhattan neighborhoods. With potential for conversion from residential rentals to condominiums, including an enlargement component, the property presents an opportunity for future value creation through strategic repositioning.
The sale demonstrates continued investor interest in established Manhattan neighborhoods with residential and commercial demand.
The building includes three commercial units and 12 multifamily units, combining retail or commercial space with residential occupancy.
The property is being considered for a potential conversion from residential rentals to condominiums, alongside an enlargement component.
Located on Columbus Avenue on the Upper West Side, the property benefits from its position within a well-established Manhattan residential and commercial market.
Bob Knakal, Jas Saini, Jake Hulsh, and Nick Tuleu of BKREA represented Lucia Nuzzi Meyer in the transaction, applying their investment sales expertise to the sale.
The sale of 500 Columbus Avenue illustrates the potential value of mixed-use assets that combine established income-producing uses with opportunities for future repositioning. For property owners and investors, the transaction underscores the importance of evaluating existing operations, location, and potential alternative uses when determining a property's market value.
The property sold for $28 million in July 2026.
Terra Developers acquired the mixed-use building.
Bob Knakal, Jas Saini, Jake Hulsh, and Nick Tuleu of BKREA represented Lucia Nuzzi Meyer.
The building contains approximately 35,258 square feet across 15 units.
The property is being considered for a potential conversion from residential rentals to condominiums, including an enlargement component.
The sale demonstrates how a property's location, existing income-producing uses, and potential for repositioning can contribute to its investment appeal.
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