Land & Property News

BKREA Arranges $28 Million Sale of 500 Columbus Avenue NYC, a Prime Redevelopment Opportunity on Manhattan's Upper West Side

BKREA announces the sale of 500 Columbus Avenue, a mixed-use redevelopment property on Manhattan's Upper West Side , for $28,000,000. The transaction closed on July 31, 2026. Bob Knakal, Jake Hulsh, Ryan Candel, and Nick Tuleu BKREA exclusively represented the seller throughout the marketing and sale process. Located on the northwest corner of Columbus Avenue and West 84th Street, the five-story property occupies a highly visible corner in one of Manhattan's most sought-after residential neighborhoods. The approximately 35,258-square-foot building sits on a 10,217-square-foot lot and presents a rare opportunity to reposition a well-located mixed-use asset with significant redevelopment potential. The property's residential floors are delivered vacant, creating the opportunity to redevelop the upper levels into luxury condominiums or high-end rental apartments while maintaining the income-producing retail component. The existing retail tenancy provides stable cash flow during the redevelopment process, making the asset particularly attractive to investors seeking both current income and long-term value creation. "Properties like 500 Columbus Avenue rarely come to market," said Jake Hulsh, Senior Associate at BKREA . "The combination of vacant residential space, stable retail income, and an irreplaceable Upper West Side corner created a compelling value-add opportunity for investors. We saw strong interest throughout the marketing process because buyers recognized both the immediate cash flow and the long-term redevelopment potential of the property." Situated in the heart of the Upper West Side, the property is surrounded by renowned private schools, world-class cultural institutions, Central Park, and an extensive collection of restaurants and neighborhood amenities. The location also offers convenient access to the B, C, and 1 subway lines, providing excellent connectivity throughout Manhattan. The transaction further reflects BKREA's expertise in marketing complex investment and redevelopment opportunities through its seller-exclusive representation platform.