Ariel Property Advisors has arranged the sale of a vacant four-story, 5,980 SF landmarked commercial building with approximately 17,000 BSF of air rights at 190 Third Avenue in the Gramercy Park neighborhood of Manhattan. The property, also known as Scheffel Hall, traded for $4.35 million, or $727/SF.
An Ariel team led by Michael Tortorici, Founding Partner, and Howard Raber, Director, 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,” Mr. Tortorici said.
Mr. Raber continued, “As one of Manhattan’s most established neighborhoods, Gramercy Park offers new luxury developments and local amenities targeted to attract buyers and investors who are seeking long-term value in a location that is easily accessible to East Village, Union Square, and Flatiron.”
The property at 190 Third Avenue sits between East 17th Street and East 18th Street in the heart of Gramercy Park, conveniently located near the neighborhood’s popular eateries, retail, and nightlife. Additionally, the location offers easy access to transportation, just minutes from the popular Union Square subway station.
Built in 1894 and landmarked in 1997, 190 Third Avenue 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. The building’s facade was constructed with terra-cotta cladding and features historical details throughout the interior with ceiling heights of up to 20 feet on the ground floor with a large stained glass skylight.
NOTE: For more information about the Manhattan investment sales market, please refer to Ariel’s latest research reports covering the New York City investment sales market: Ariel Property Advisors’ Manhattan 2024 Mid-Year Commercial Real Estate Trends report and Q3 2024 Multifamily Quarter In Review New York City.
