Mixed-Use Upper West Side Building Sells to Terra Developers for $28M

Brooklyn-based Terra Developers has made a $28 million residential redevelopment play for 500 Columbus Avenue on Manhattan’s Upper West Side.

The 35,300-square-foot mixed-use building was sold to Terra by longtime owner CKMR Corporation, formerly Sloan’s Supermarkets, according to property records filed Friday. 

The property rises five stories at the northwest corner of West 84th Street and Columbus Avenue, just one block west of Central Park. Its ground-floor retail is anchored by a Gristedes supermarket, above which sits a dozen apartment units that have been vacant for 30 years, BKREA‘s Bob Knakal told Commercial Observer. Knakal represented the seller alongside BKREA’s Jake Hulsh.

Knakal said 500 Columbus Avenue’s residential spaces are well positioned for conversion into condominiums. An additional vertical expansion upon the 10,217-square-foot corner lot is possible, according to the BKREA listing.

Yevgeniy Lvovskiy, CEO of ZHL Group, confirmed the purchase on behalf of Terra, but did not disclose Terra’s plans for the site. The transaction was financed by a $25 million loan arranged by Newmark‘s Max Ralby, Holden Witkoff, Niv Shahmoon and Dante DiStefano with Derby Copeland.

ZHL previously represented Terra and other investment partners in the $27.6 million purchase of a Long Island City, Queens, redevelopment site in 2024.

The building at 500 Columbus Avenue was last sold in the 1970s to an entity of Sloan’s Supermarkets, founded by the Sloan and Meyer families. CKMR now manages legacy assets across New York City. Lucia Nuzzi-Meyer served as CKMR’s authorized signatory in the recent transaction. Representatives for CKMR could not immediately be reached for comment.

Additional retail tenants at 500 Columbus Avenue include Park West Laundromat and a shoe repair shop.

Emily Davis can be reached at edavis@commercialobserver.com. 

This story has been updated to include BKREA’s Jake Hulsh as a broker for the seller.