Pfizer Sells Off Another Chunk of its Williamsburg Property


Last night Brooklyn 11211 brought word that pharma giant Pfizer has a deal in place to sell off the last of its big holdings in Williamsburg and that the buyers are not thought to be the coalition of community groups that wanted to see affordable housing built on the site. Today Crain’s reports the story out a bit more, though the identity of the buyers is still opaque: “The pharmaceutical giant said 306 Rutledge Street II LLC, a newly formed company representing investors who have experience in residential and mixed-use properties, is in contract to buy the site for an undisclosed price. …’The investors are committed to redevelopment of the property to provide employment and meet the needs of the local community,’ said Pfizer in a statement. ‘We anticipate that the buyer’s development plans will foster economic stability through new job creation that will benefit the vibrant Williamsburg community into the future. We believe this is a positive step in our longstanding efforts to achieve Pfizer’s community-based principles for the site.’” The two large plots comprise 4 acres. The community groups that wanted to develop affordable housing reportedly offered $10 million. Politicians and residents have talked about building housing on Pfizer’s former holdings for a long time, but the only real action has come via a developer that bought the plant and leased space to some food manufacturers.
Pfizer Sells, But Not to Local Groups [Brooklyn 11211]
Investor Group Swallows 4-Acre Pfizer Site in Bklyn [Crain's]
Photo by robot glue

2 Comment

  • Looks like the Hasidics won out after all.

  • Well, they didn’t really win. The original plan pushed for by Vito Lopez would have had Hasid housing built with massive city subsidies. This will (probably) be Hasid housing built without city funding, which is better than the city paying. I suppose it’s possible that it won’t be Hasid housing, too, of course.