Alliance Private Capital buys Williamsburg site for $35M

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

G4's Jason Behfarin and 510 Driggs Avenue in Brooklyn
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.

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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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