The property asset involved in the transaction is located at 190 3rd Avenue in the Gramercy market. The asset type is a conversion with development rights, featuring a sale price of $4,350,000. The property encompasses a total area of 5,980 square feet, resulting in a price per square foot of $727.

Summary of transaction details:

• Property Type: Conversion + Development Rights
• Transaction Amount: $4,350,000
• Address: 190 3rd Avenue
• Market: Gramercy
• Square Footage: 5,980
• Price per Square Foot: $727
• Buyer: Alex Kahen - Kahen Properties
• Brokers: Michael Tortorici & Howard Raber - Ariel Property Advisors

Alex Kahen, representing Kahen Properties, acquired the asset with the assistance of brokers Michael Tortorici and Howard Raber from Ariel Property Advisors. The building, known as Scheffel Hall, was originally established as a beer hall and restaurant between 1894 and 1895 and was designated a New York City landmark in 1997.