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Groups Offer Pfizer $10M for Shot at Affordable Housing

A group of non-profits is going about acquiring land to build an affordable housing project the old fashioned way: by offering millions of dollars for it. The for-sale patch of land belongs to Pfizer in Brooklyn's Broadway Triangle, and a group of non-profits is offering $10 million to acquire the land in hopes that it can build 840 units of affordable housing on the site. When Pfizer closed its plant at the site in 2008, there was an attempt to seize the land through eminent domain that fizzled out. Another plan to build affordable housing in Broadway Triangle was derailed over legal claims that the plan favored Hasidic residents over other ethnic groups. Now the non-profit consortium is partnering with Monadnock Construction to buy the land and get affordable housing built. Michael Rochford of St. Nick's Alliance told the Daily News, "It's not a giveaway. This is real dollars." Pfizer has already sold the rest of the Broadway Triangle property to Acumen Capital Partners, which recently turned the old pharma facility into a foodie production plant.
· Local groups bid $10 million to buy vacant Pfizer property in Williamsburg for affordable housing [NYDN]
· Pfizer to Foodies [Curbed]
· Broadway Triangle Dinged [Curbed]
· Broadway Triangle coverage [Curbed]