The 27,582-square-foot site at 71 Smith Street, between Schermerhorn and State streets, has 311,801 square foot of mixed-use buildable space, The New York Observer reported.
Nat Rockett, execusive vice president in Cushman & Wakefield’s Capital Markets Group, told The New York Observer that the property could be developed as a residential and hotel site or a campus extension for an institution already in the neighborhood. “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,” he said. “Brooklyn Law is there, St. Anne’s. Some of them potentially do have need for more space.”
Rockett anticipated the land would sell for about $130 per square foot, or about $40 million, The New York Observer reported.