NEW YORK STATE URBAN DEVELOPMENT CORPORATION d/b/a ...

Market: Real Estate and Industrial/Economic Development
ESD Involvement: After the acquisition of Wyeth by Pfizer in 2009, the decision was made
to exit the Facility due to redundancy with other existing Pfizer research
facilities and the retraction of Pfizer’s in-house research activities.
From 2009 to 2010, the employee base was reduced until only a basic
maintenance staff was left in place. During the two years since the
closing, Pfizer has maintained the Facility and has also employed two
different internationally known marketing firms to market the Facility.
The current marketing firm is Cushman and Wakefield.
Competition: N/A
Past ESD Support: N/A
B. The Project
Completion: June 2014
Over the last two years, there has been cursory interest in the Facility
and site by potential purchasers. Barriers to purchase include significant
operational costs and the large size of the Facility.
The Facility was originally scheduled for auction on February 4, 2012
(rescheduled for April 2, 2012), but at the request of ESD, Pfizer has
delayed the auction. CCIDA, through CIDA, will acquire the Facility from
Pfizer at a nominal cost so that the pending auction can be forestalled.
This will provide more time and opportunity to present the Facility for
acquisition by a responsible party, which would create investment and
employment opportunities. ESD proposes to make a working capital
grant of $1,200,000 to CIDA for operational costs while the Facility is
being marketed to a new end user.
Activity: CIDA will acquire, maintain and promote the Facility to potential new
end users. The site has been used, continually upgraded and improved as
a premier pharmaceutical research facility, has sophisticated private
water and sewage treatment facilities, and is served by natural gas. CIDA
intends to enter into a management agreement with a third party for the
day-to-day operations of the Facility.
Results: The project is expected to engage an end user that will create
investment and employment opportunities in Chazy.
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