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Unarrested Development?

Brooklyn appears to be getting a new 17-story residential building: the Pratt Institute has paid $13 million for a lot at 131 Emerson Place that's already approved for residential development. (Sources speculate that the building will be staff or student housing.) A local developer already tried and failed to build a 16-story building on the spot amid the credit crunch, but maybe the second time will be the charm here. [Real Deal]