A 27,582-square-foot parking lot at 71 Smith Street in Boerum Hill is on the market for a whopping $40 million, according to a story in the New York Observer. The property, between Schermerhorn and State streets, is primed for development, legally permitted to accommodate 206,530sf of residential space and 105,271sf of commercial space.

Nat Rockett, an EVP with Cushman & Wakefield’s Capital Markets Group, which is marketing the property with JRT Realty Group, believes it could be converted into a residential building, hotel or school. He says, “Boerum Hill is one of Brooklyn’s most exciting neighborhoods, and a development at this site is positioned to capitalize on its access to its countless amenities, superior access to transportation and rising population of young professionals.”

The Observer says that according to Streeteasy, comparables in the area for new townhouse and residential space range from $810-$860 per square foot. Rockett expects the land to trade for about $130 per square foot, which would translate into about $40 million.

(Photo: Brownstoner)

Source: Cobble Hill Blog
http://cobblehillblog.com/archives/7696