The Real Deal New York

Alliance Private Capital buys Williamsburg site for $35M

Five-story, 70K sf residential property could be built

September 22, 2014 04:10PM

driggs

G4’s Jason Behfarin and 510 Driggs Avenue in Brooklyn

Brooklyn investment firm Alliance Private Capital Group paid $35 million for a Williamsburg residential development with up to 70,000 buildable square feet.

Michael Kohn, CEO of Alliance Private Capital, plans to construct either a condominium or rental building at 510 Driggs Avenue with a parking garage and ground-floor retail. The property, near North 8th Street, can be as big as five stories. G4 Capital Partners provided the buyer with a $22 million bridge loan. Retailers would be expected to pay about $200 per square foot in monthly rent.

There was talk in 2007 of constructing a 50-unit rental building on the site, currently a parking lot.

Alliance Private Capital is in talks to sell the Cascade Linen Factory at 835 Myrtle Avenue in Bedford-Stuyvesant for $60 million, as previously reported. [Crain’s]Mark Maurer

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