510 Driggs Ave. on North 8th Street, is just a block east from Bedford Avenue, Williamsburg's busiest thoroughfare that is increasingly becoming a bustling retail corridor. The $35 million price equates to about $500 per square foot—what many experts in the Williamsburg residential market say is among the highest price ever paid for a development parcel in the area. A five-story building of about 70,000 square feet can be constructed on the site, according to Michael Kohn, the CEO of Alliance Private Capital Group. Mr. Kohn said he is planning to build either a rental or a condo building with ground-floor retail space and a parking garage.