$28M deed and $25M in loans back 19-condo plan at 500 Columbus

The buyer of 500 Columbus Avenue, the former Gristedes building on the Upper West Side, borrowed $25M against a $28M purchase, and a 13-story, 19-condo tower plan is now moving through Community Board 7 and the Landmarks Preservation Commission.

Why it matters

The deed is the only part of this story that is on the public record, and it shows a heavily financed buy. 500 Columbus SP LLC paid $28,000,000 to CKMR Corporation, and the $21,000,000 and $4,000,000 mortgages equal about 89% of the price. Both loans run to DCC REMMCF Seller Atlas, LLC. The Terra Developers name comes from the local outlet’s report, not from the deed, which lists only the LLC.

The numbers

The deed is dated July 29 and was recorded July 31, 2026. That differs from the outlet’s account of an August purchase. The two mortgages carry the same document date and recording date as the deed. The lot is block 1215, lot 29. The previous deed on the lot in the city’s mirror of the records is from 2011 and shows no price, so there is no earlier sale price to compare.

Per the outlet, the plan is a 145-foot tower (161 feet with mechanicals) over part of two 1895 buildings, with DXA Studio as architect. The Community Board 7 preservation committee backed it on Oct. 8. Most of the 19 units would be three-bedrooms.

What’s next

The full board votes Nov. 4, and the outlet expects a Landmarks hearing Nov. 10. Community board votes are advisory, so the commission decides. We found no Department of Buildings new-building filing for the lot yet, so the tower remains a proposal. Gristedes is still in the building and talks on relocating it during construction are early, per the outlet. More deals like this are tracked on our New York page.