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Current scholarship offers:

Columbia: Still pending
UChicago: $75,000
NYU: $67,500
Duke: $105,000 (I got a deposit deadline extension until 5/1.)

Since Duke has the highest amount of scholarship money (and the lowest COA), I'm planning to negotiate with NYU using Duke, and then negotiate with Columbia and UChicago using the hopefully increased NYU offer.

Am I taking the right strategy? Would there be a better way to do it? Any thoughts will be really appreciated!

If I were you, I would go ahead and send chicago's offer to Columbia now, and carry out your negotiation strategy with NYU and Chi simultaneously. Either way, if columbia says yes or no, you will have a higher Chi offer to Leverage against columbia (Assuming NYU will bump you, and Chi will bump you in turn, which is a big if).

You only have a little over a week to accomplish all this, so I'd get cracking ASAP.

Also, if Columbia is your first choice, I'd ask for the amount you want and offer to commit to attend if they grant your request.

Good luck