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