A Boerum Hill parking lot primed for residential conversion is for sale for about $40 million.

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.

The lot is zoned for up to 206,530 square feet for housing and 105,271 square feet for commercial use. The site is being marketed by Cushman & Wakefield and JRT Realty Group.

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.

 

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