Pfizer sells W’burg plant to Queens firm

New York /
Feb.February 15, 2011 09:47 AM

Pharmaceutical company Pfizer has unloaded eight of 13 acres at its shuttered Flushing Avenue manufacturing plant in South Williamsburg to Long Island City-based Acumen Capital Partners, which plans to revive the site, according to the Post. The complex, which is where the 162-year-old pharma giant got its start, had been previously eyed for redevelopment into a mixed-use complex with more than 1,000 apartments, including affordable housing. But Pfizer abandoned those plans two years ago because of the recession, and it doesn’t look like the Acumen deal will involve housing. The price Acumen paid for the site was undisclosed, but its takeover is expected to bring new light-manufacturing and commercial jobs to the area. Assemblyman Vito Lopez said he is “very disappointed” in the deal and is now planning to introduce legislation that would allow the city to seize the remaining five acres at the plant through eminent domain so that an affordable housing plan could still be realized. Lopez made a similar, unsuccessful, move in 2008. [Post]


Related Articles

arrow_forward_ios
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
A photo illustration of Governor of New York Kathy Hochul (Getty)
Gov. Yimby? Hochul promises housing blitz next year
Gov. Yimby? Hochul promises housing blitz next year
A photo illustration of NYCHA interim CEO Lisa Bova-Hiatt (Getty, NYCHA)
NYCHA tenants’ rent arrears surge to $443M
NYCHA tenants’ rent arrears surge to $443M
(Illustration by The Real Deal with Getty)
Developer fires back as Saddle River blocks affordable housing
Developer fires back as Saddle River blocks affordable housing
Garden Communities' Brett Tanzman with 800 Sylvan Avenue (Loopnet, Getty, Rutgers)
Development underway on former Unilever hub in Englewood Cliffs
Development underway on former Unilever hub in Englewood Cliffs
East Hampton Town Supervisor Peter Van Scoyoc and 350 Pantigo Road (Zillow, Getty, Town of East Hampton)
Hamptons town could buy former department store land to build homes
Hamptons town could buy former department store land to build homes
Related Companies' Stephen Ross with One Flagler, 360 Rosemary, and 515 Fern (Getty, Related Companies)
Mapping out Steve Ross’ South Florida empire
Mapping out Steve Ross’ South Florida empire
MSquared's Alicia Glen, Mack Real Estate Group's Richard Mack and Association for Neighborhood and Housing Development's Barika Williams (Getty, ANHD)
Richard Mack: New York developers “made to feel like the devil”
Richard Mack: New York developers “made to feel like the devil”
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...