Brooklyn-based Terra Developers acquired 500 Columbus Avenue, a mixed-use building on Manhattan's Upper West Side, for $28 million. The 35,300-square-foot property sits at the northwest corner of West 84th Street and spans five stories.
CKMR Corporation, the longtime owner and former operator of Sloan's Supermarkets, sold the asset. The transaction closed with property records filed Friday.
Terra Developers' acquisition signals redevelopment intent for the Upper West Side site. The developer plans residential conversion or repositioning of the mixed-use structure, a common strategy for older commercial buildings in the neighborhood.
For sellers like CKMR Corporation, the $28 million deal represents an exit from long-held commercial real estate. The price reflects current Upper West Side market values for buildings with ground-floor retail and upper-floor potential.
For buyers and investors, Terra's move demonstrates confidence in the Upper West Side residential market. The neighborhood has seen steady demand for apartments, particularly from renters seeking central Manhattan access. Redevelopment projects typically upgrade building systems, finishes, and unit counts to maximize rental revenue.
Current tenants face potential displacement during renovation. Retail operators and any residential units in the building may need relocation assistance depending on lease terms and local rent stabilization protections.
Local residents and community boards often scrutinize such acquisitions, particularly when ground-floor retail changes hands. Terra's plans for the property will likely require community board approval if the project involves significant alterations or zoning variances.
The $28 million price reflects competitive bidding for Upper West Side properties with development upside. Similar mixed-use buildings with residential conversion potential in the neighborhood command premium prices. Terra's acquisition suggests strong confidence in rental economics and long-term value appreciation for the location.
The Upper West Side has attracted significant investment capital lately as developers capitalize on