NEW YORK CITY-A parking lot near Chelsea’s gallery district could become a future hotel, sources tell GlobeSt.com. Marcus & Millichap Real Estate Investment Services arranged the sale of 140-144 W. 28th St., a 75,000-rentable square foot parcel for $20.5 million, a site that could become the next big mixed-use property on the block.

Barbara Dansker and Shlomo Manne, both in Marcus & Millichap’s Manhattan office, represented the buyer, a Manhattan-based investor, and also the seller, West 28th St. Partners LLC. Property records indicate that the buyer is Upper East Side-based Sovereign Partners LLC.

The site, located between Sixth and Seventh avenues, has 17,840 square feet of unused development rights and 66,838 square feet of additionally purchased square footage, which Dansker says the investor could use to their benefit.

“The great thing about the sale of this parcel is that it is an inherently valuable piece because it is presently zoned commercial,” Dansker says. “It could be used for a hotel, even though there’s already hotels on the block.”

The area is home to many ongoing developments, including Moynihan Station, Brookfield Office Properties’ 5.4 million-square-foot Manhattan West office project, Related Cos.’ Hudson Yards and the 7 subway train extension. Nearby, hotels like Ace Hotel, Hotel Indigo and the Hilton Garden Inn New York/Chelsea provide competition, but the site could also be developed into a mixed-use residential and retail building. “There could be so much to it,” she says.