Investor Group Swallows 4-Acre Pfizer Site for $26 Million
Pfizer Inc. announced Tuesday that it has agreed to sell two large vacant parcels totaling over four acres near its former eight-story factory in South Williamsburg, Brooklyn, that was bought last year by Acumen Capital Partners for $26 million.
The pharmaceutical giant said 306 Rutledge Street II LLC, a newly formed company representing investors who have experience in residential and mixed-use properties, is in contract to buy the site for an undisclosed price. Pfizer has been accepting bids from interested buyers, which reportedly included a group of community-based organizations that made a $10 million bid for the land. The deal is expected to close in 90 days.
“Once the closing of the property is complete and the plans for the site are fully developed the buyers will go public with their plans,” said Steven Barshov of the law firm of Sive Paget & Riesel, who represented 306 Rutledge Street II. He said the entity in contract to buy the sites do not include community groups but declined to specify.