Pfizer unloads its last property in Williamsburg’s Broadway Triangle

Pfizer has sold off the last piece of its Broadway Triangle holdings, bringing an end to the pharmaceutical company’s 160-plus year Brooklyn legacy. The piece of land at 58 Gerry Street between Harrison and Throop avenues traded for $27.5 million to developer Abraham Brach, The Real Deal has learned. Brach plans on razing the existing 31,000-square-foot three-story warehouse and constructing a residential and commercial building for the area’s Orthodox Jewish community.

Pfizer’s presence in Brooklyn’s Broadway Triangle, an area bounded by Broadway and Flushing and Union avenues where Williamsburg, Bed-Stuy, and Bushwick meet, has been waning since 2008, when the company closed its Brooklyn headquarters. It left behind several properties, including the 660,000-square-foot facility that was picked up in 2011 by Acumen Capital Partners. The developer converted the building for light manufacturing use into a facility that Edible Brooklyn would later call “the creative epicenter of Brooklyn's food scene.”

But what will become of many more of the old Pfizer properties remains to be seen. Just down the street from 58 Gerry, Rabsky Group has been pushing forward their plan to rezone two blocks bounded by a demapped segment of Walton Street, Gerry Street and Harrison and Union avenues that’s currently used for parking and storage. The prolific developer wants to rezone the area to allow for a hefty amount of apartments—1,147 to be exact—as well as retail and a 26,000-square-foot privately-owned public park. The rezoning proposal is currently undergoing an environmental assessment.

• Pfizer sells last piece of its Broadway Triangle site for $28M [TRD]
• Rezoning could bring 1,147 apartments to contentious Broadway Triangle site [Curbed]
• Touring Williamsburg's Old Pfizer Building, Mid-Makeover [Curbed]