Pfizer

ID: 92800
Awarding Agency: IDA
Address: 685 Third Avenue
Borough: Manhattan
Block: 1317
Lot: 1
Subsidy Program: Commercial Growth Project
Start Date: 12/09/2003
End Date: 06/30/2018
Jobs at the start of the deal: 5537
Jobs projected: 8859
Current jobs FTE: 4743
Percent of employees living in NYC: 40
Total value of subsidy: $33,641,000
Amount used to date: $10,401,000
Recapture amount: $23,398,000
Data source fiscal year: 
2008

Notes

In 2010 Pfizer announced it paid New York City $24.7 million in penalties, after it relocated corporate offices and transferred hundreds of jobs to New Jersey and Pennsylvania.  The recapture is approximately twice of what Pfizer received in tax incentives from the Economic Development Corporation.  In 2007 Pfizer announced it would be closing its Brooklyn plant and laying off 600 workers.