NEW YORK—Carlyle Group has purchased a 27,582-sq.-ft. former parking lot located at 71 Smith Street for $38.5 million from a partnership comprised of Abby Hamlin of Hamlin Ventures and Francis Greenberger of Time Equities. The new ownership is considering a hotel and high-end residential development for the site.

Cushman and Wakefield’s Nat Rockett, Helen Hwang, Karen Wiedenmann and Steve Kohn, along with Ellen Israel, a JRT Realty Group senior director, marketed the property on behalf of the owners. The Cushman and Wakefield team also arranged the acquisition financing for the new ownership.

Located between Schermerhorn and State streets, the property is in a mixed-zone area near NYU Polytech and the Barclay Center in Brooklyn’s Boerum Hill neighborhood. The site allows for a 311,801-sq.-ft. mixed-use project to be built with up to 206,530 sq. ft. for residential use and another 105,271 sq. ft. for commercial use.