Boerum Hill development site lists for $40M

A Boerum Hill parking lot ripe for residential development has hit the block for about $40 million, the New York Observer reported. The 71 Smith Street site can legally accommodate 206,530 square feet of residential space and another 105,271 square feet of commercial space, the Observer said.

The land is being marketed by Cushman & Wakefield and JRT Realty Group. The site is owned by a joint venture between Hamlin Ventures and Time Equities.

“It could be a residential and hotel site,” Nat Rockett, executive vice president at Cushman, told the Commercial Observer. “We’re also thinking it could be attractive to a school use for some of the space. You have NYU Polytech in the area and a number of private schools.” [NYO]