Pfizer sells last piece of its Broadway Triangle site for $28M

Abraham Brach planning religious housing at 58 Gerry Street

TRD New York /
January 05, 2017 04:00 PM

58 Gerry Street in The Broadway Triangle

Pfizer sold the last remaining piece of its development site at Brooklyn’s Broadway Triangle. Developer Abraham Brach paid $27.5 million for the property and is planning a residential-and-community facility building for the Orthodox Jewish community, sources told The Real Deal.

A three-story, 31,600-square-foot warehouse at 58 Gerry Street sits on the parcel, which offers 120,000 buildable square feet, according to property records. It would be demolished to make way for the new building.

Brach closed on the purchase late last week for about $230 per buildable square foot. He has not yet filed plans or decided on the number of apartments or square footage of the new building.

The alternate addresses are 191-203 Harrison Avenue and 50-64 Gerry Street, records show. The Broadway Triangle is the intersection of Bedford-Stuyvesant, Bushwick and Williamsburg, though this parcel is technically located in Williamsburg.

Pinnacle Realty’s TRData LogoTINY Abraham Lowy represented Brach, while Cushman & Wakefield’s Frank Frizalone represented Pfizer. They declined to comment.

The site of pharmaceutical giant Pfizer’s former headquarters is also expected to house a 1,147-unit, 1 million-square-foot rental complex developed by Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group. Rabsky is seeking a rezoning of two full blocks bounded by Harrison Avenue, Walton Street, Union Avenue and Gerry Street to allow for that project, which would be located across the street from Brach’s building.

Brach is also one of the developers behind the seven-building religious housing redevelopment of the former Cascade Linen factory site.

Related Article

Madison Realty Capital's Josh Zegen and the Broadway Triangle (Credit: Google Maps)

Abraham Brach, Parkview Management land $50M loan for Williamsburg condo project

City taps groups that sued it to develop Broadway Triangle site

Rabsky and Spencer land $65M loan for Broadway Triangle project

Judge dismisses discrimination suit over Rabsky’s Broadway Triangle development