Local Nonprofits Bid $10M for Pfizer Property at Broadway Triangle

Six local nonprofits are making a $10 million bid to buy up Pfizer’s vacant property at Broadway Triangle, on the border of Bed-Stuy and South Williamsburg, hoping to build 840 affordable housing units there, says the New York Daily News. 

“We think we made a fair offer financially, but we’re hoping that Pfizer’s not simply offering this to the highest bidder,” Colvin Grannum of the Bedford-Stuyvesant Restoration Corporation told the News.

The fate of Broadway Triangle has been in the air since 2006, when the city first proposed the development of affordable housing. A group of community organizations representing mostly black and Latino resident groups from Bed-Stuy and Williamsburg , arguing that the proposed plan would grant preference to the area’s Hasidic community, thus violating the federal Fair Housing Act, as well as the Equal Protection Clause of the Constitution.

The injunction was granted in January, on the plaintiffs’ claims under the Fair Housing Act.

The nonprofit groups bidding for the Pfizer property told the News that their plan “will ensure a balanced economic, racial and religious community.”