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Landmarked Scheffel Hall Trades in Gramercy Park
Ariel Property Advisors arranged the sale of a vacant four-story, 5,980-square-foot landmarked commercial building with approximately 17,000 buildable square feet of air rights at 190 Third Ave. in the Gramercy Park neighborhood of Manhattan. The landmarked property, also known as Scheffel Hall, traded for $4.35 million.
An Ariel team led by founding partner Michael Tortorici and director Howard Raber closed the transaction on behalf of the seller. The buyer was Kahen Properties.
“We’re excited to see the restoration of Scheffel Hall and, eventually, the utilization of its significant amount of air rights to bring much needed housing to Gramercy Park,” said Tortorici.
Built in 1894 and landmarked in 1997, 190 Third Ave. was originally known as Scheffel Hall and used as a German restaurant and beer hall. The German-American Renaissance Revival architecture was modeled after the 17th Century Heidelberg Castle and named after the German poet and novelist, Viktor Von Scheffel.
- ◦Sale/Acquisition
