Pharmaceutical giant Pfizer announced that it will sell two large parcels in South Williamsburg to a newly formed venture for an undisclosed price, Crain’s reported. Pfizer accepted a number of bids for the parcels, at 306 Rutledge Street, between Broadway and Harrison Avenue, including those from local community groups, Crain’s said, for around $10 million.
The venture, which will be called 306 Rutledge LLC, has “experience in residential and mixed-use properties,” according to Crain’s. When the deal closes, in 90 days, the plans for the site will be disclosed, a spokesperson for Pfizer told Crain’s.
“The investors are committed to redevelopment of the property to provide employment and meet the needs of the local community,” Pfizer said in a statement, according to Crain’s.
Pfizer sold its eight-story plant — a total of almost eight acres — which adjoins the just-sold parcel, to Long Island City, Queens-based Acumen Capital Partners for $26 million last year. [Crain’s]