Site of Future Cube-Tastic Apartment Building Sells for $25 Million

The long-stalled apartment development turned parking lot at 510 Driggs Avenue in Williamsburg sold for $25,000,000 in September, according to public records. Last month, we published this rendering for the site designed by ODA Architecture, which apparently cannot get enough of unevenly stacked boxes.

The buyer is developer DHA Capital, according to the deed. Curiously, Crain’s reported in September that a different developer, Alliance Private Capital Group, said it had purchased the site for $35,000,000.

A development as large as 70,0000 square feet could be built on the property between North 8th and North 9th streets. That works out to $357 a buildable square foot for the DHA deal, or $500 a buildable square foot for Alliance — which would be one of the highest prices ever paid for a Williamsburg development site, according to Crain’s.

ODA Releases Cube-Happy Design to Maximize Light, Air in Williamsburg Building [Brownstoner] GMAP

Rendering by ODA Architecture