Brooklyn groups place offer for Pfizer properties
by Lisa A. Fraser
Mar 22, 2012 | 6259 views | 1 1 comments | 33 33 recommendations | email to a friend | print
Six community development corporations (CDCs) have expressed their desire to take over and redevelop two major parcels of land owned by Pfizer within the Broadway Triangle area.

The properties are Pfizer Development Sites A and C, which are currently on the market for $10 million and are the last remaining properties of the drug company to be sold.

The corporations – St. Nick’s Alliance, Los Sures, United Jewish Care, Churches United for Fair Housing, Bridge Street Development Corporation and the Bedford-Stuyvesant Restoration Corporation – have plans to build hundreds of units of below-market rate housing while creating hundreds of jobs.

Teaming up with Gowanus-based Monadnock Construction, the organizations, which have a collective name of the Pfizer Legacy Project, submitted a $10 million offer to Pfizer for the two properties. There, they plan to construct over 840 units of affordable housing, which they say will ensure a balanced economic, racial and religious community.

Both properties are zoned for industrial use and are extremely polluted, but the size of the lots and the vision for them is what makes them attractive to the organizations. As the zoning is changed and the contamination cleaned, the Pfizer Legacy Project believes it can serve well as a site to host affordable housing.

Collectively, the group’s history of building over 10,000 units of affordable housing across the city, including 3,500 units in Williamsburg and 450 units in the Broadway Triangle complex, the group says it has “the experience to fulfill the community vision and will build within the criteria set forth in the planning process.”

The organizations also say that they not only have the financial development capacity, “but the engineering and environmental expertise to make the project a success.”

The corporations say that the plan to develop properties that will meet new community needs will ensure the legacy to the Pfizer Corporation’s historic presence in North Brooklyn. The leaders of the corporations say that they hope to continue their mutually beneficial relationship with the pharmaceutical company, which was founded in Williamsburg in 1849.

The group also expects that given Pfizer’s commitment to its partnership with the community, the drug giant will accept their proposal.

“We believe that Pfizer will support our submission to develop the sites as housing,” said Colvin Grannum, executive director of the Bedford-Stuyvesant Restoration Corporation, in a statement. “Pfizer repeatedly promised our community that they would not ‘sell and run’ and as a good corprate citizen, they would ensure property sales addressed community priorities.”

“We have put together a substantial purchase offer, this is not a giveaway,” he added.

The properties are nestled within the Broadway Triangle area, bordered by Flushing Avenue, Broadway and Union Avenue.

But these properties are not city-owned and are not part of the controversial lawsuit that was filed by nearly 40 community groups who claim that the city’s plan to develop affordable housing on the site would create racial disparities and increase segregation in the surrounding neighborhoods of Bedford-Stuyvesant and Williamsburg.

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May 27, 2012
Pfizer is really expanding its properties.

No doubts, they've been in a good remarks in our industry.

Thanks for sharing this.


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