Ariel Property Advisors successfully facilitated the sale of a notable commercial building in Manhattan’s Gramercy Park neighborhood. The four-story, 5,980-square-foot property has been designated as a landmark and includes approximately 17,000 buildable square feet of air rights. The sale price for this historic building known as Scheffel Hall was $4.35 million.
The transaction was handled by an Ariel team led by founding partner Michael Tortorici and director Howard Raber on behalf of the seller. Kahen Properties acquired the property.
Tortorici expressed enthusiasm for the future restoration and development plans for Scheffel Hall stating, “We look forward to seeing Scheffel Hall restored to its former glory and utilizing its valuable air rights to provide much-needed housing in Gramercy Park.”
Originally constructed in 1894 and designated as a landmark in 1997, this iconic building was originally named after German poet Viktor Von Scheffel. Its design is inspired by Heidelberg Castle from the Renaissance period with stunning German-American Renaissance Revival architecture.
