Pratt Institute buys Brooklyn development site
By Sarah Trefethen
The Pratt Institute has purchased a development site adjacent to its School of Art and Design in Brooklyn for $13 million, according to public records.
The 35,000 s/f lot in Clinton Hill has approved plans for a 17-story, 110-unit residential tower, and — with the addition of a community facilities bonus — 170,000 s/f of development rights.
Pratt vice president Edmund Rutkowski declined to comment on the purchase, or the school’s plan for the property. The lot, at 131 Emerson Place, has frontage on Emerson Place, Myrtle Avenue and Classon Avenue. It is across Emerson Place from the Pratt Store and a campus parking facility.
The Pratt Institute for Art has approximately 5,000 students and 1,000 staff members, according to Massey Knakal Realty. Stephen P. Palmese of Massey Knakal, who represented the seller in the transaction, declined to comment on the details of the deal.He did, however, say a new development on the site would be a “home run” for the neighborhood.
“Pratt in general has been growing. I’ve been selling properties on the block and the rental rates have been going up and every resident is a Pratt student,” he said.
“You’re seeing gourmet groceries coming in. It’s had a real rising tide effect.”
According to the Brooklyn blog Brownstoner.com, the previous buildings on the site were demolished in 2008 to make way for a new residential development by Hudson Companies, before the project ran afoul of the economic downturn.
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