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Terra Developers buys Upper West Side mixed-use building for $28M
The 35,300-square-foot property at 500 Columbus Avenue includes retail anchored by a Gristedes supermarket, with a dozen apartments that have been vacant for 30 years.
Brooklyn-based Terra Developers has purchased the mixed-use building at 500 Columbus Avenue on Manhattan’s Upper West Side for $28 million, Commercial Observer reported, citing property records filed Friday.
The transaction covers a 35,300-square-foot building at the northwest corner of West 84th Street and Columbus Avenue, where ground-floor retail is anchored by a Gristedes supermarket and about a dozen apartment units above have been vacant for roughly 30 years.
Commercial Observer said BKREA’s Bob Knakal, the exclusive listing agent, described the residential spaces as well positioned for conversion into condominiums. The listing also points to potential vertical expansion on the 10,217-square-foot corner lot.
CKMR Corporation, a longtime owner and formerly Sloan’s Supermarkets, sold the property to Terra, according to the report. The CEO of ZHL Group, Yevgeniy Lvovskiy, confirmed the purchase for Terra but did not disclose Terra’s plans, and the building last changed hands in the 1970s.