Francois Barthelemy care of Avery Hall Investments pays $44M to Michael and Cynthia Schlegel’s EcoRise Development and Francois Barthelemy for property in Gowanus

Francois Barthelemy care of Avery Hall Investments through the entity 473 President LLC paid Michael and Cynthia Schlegel’s EcoRise Development and Francois Barthelemy’s MCP President Street LLC $44.1 million for 469 President Street, 473 President Street and 514 Union Street in Gowanus. The deal closed on September 5, 2019, and was recorded on September 24, 2019. The transaction consists of 2 tax lots, including the tax class semi-fireproof manufacturing building (F4). The property can have development as-of-right as large as 97,910, according to a media release from the brokerage firm, JLL.

Francois Barthelemy is a signatory as both a seller and the buyer. JLL brokers Brendan Maddigan, Stephen Palmese, Winfield Clifford, Michael Mazzara and Ethan Stanton represented the buyers and sellers, the firm said in a statement. The last time the properties sold was September 23, 2014, when James Ribellino Jr. sold a package of five parcels for $17,000,000 to EcoRise Development. In April, EcoRise paid Ribellino Jr. $2.5 million to terminate an agreement that had required a “return to value payment” in the event one of the original five parcels were rezoned to residential use.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.