NEW YORK | 235 East 42nd Street (Pfizer) | FT | FLOORS

[NYguy]

http://www.crainsnewyork.com/article...ase-new-office

Pfizer plans to sell midtown HQ, will lease new office
The drugmaker has been located at the East 42nd Street location since 1961

By Amanda Fung
October 17, 2016

Pfizer decided to move because upgrading its current office would have taken a "substantial investment." The majority of employees in midtown will be relocated to the new space, while some will be moved to locations in the tristate area. Pfizer has been located at 235 E. 42nd St. since 1961. It was founded as a chemicals firm operating out of Brooklyn.

http://nypost.com/2017/01/26/pfizer-...le-relocation/

Pfizer picks Cushman & Wakefield to guide building sale, relocation

By Lois Weiss January 26, 2017

Pfizer has picked a winner for its plum assignment.

The pharmaceutical giant has chosen Cushman & Wakefield to guide both its relocation and the sale of its current buildings at 235 and 219 E. 42 Street, The Post has learned.

The current interconnected properties are expected to fetch around $500 million as they could be redeveloped larger by the next owners under the proposed Midtown East rezoning.

https://www.nytimes.com/2017/07/27/n...ghts-deal.html

Catholic Church May Cash In on Air Rights in Midtown Rezoning Deal

By J. DAVID GOODMAN and WILLIAM NEUMAN
JULY 27, 2017

The archdiocese wanted the city to pass a rezoning plan that would allow it greater freedom to sell the valuable air rights from the cathedral, estimated at 1.1 million square feet, to developers.

....Mr. Garodnick said that while there is no limit on height, differences in design as well as light and density requirements would determine how tall the towers would be. But whatever goes up will probably be significantly bigger than what is there now, in part because of the ability to buy air rights from landmarks like St. Patrick’s Cathedral.

“These are dense buildings in an area which should have density,” said Mr. Garodnick

....The East Midtown rezoning allows the air rights from buildings designated as landmarks to be sold anywhere within a 78-block area. That makes them much more valuable because, in many instances, the air rights previously had few or no development sites that they could be transferred to.

As the deal was finalized before the vote, Pfizer told its employees in New York that it would be leaving its headquarters on East 42nd Street. The company in particular benefited from the rezoning: The headquarters site was significantly rezoned to allow more development, increasing its value.

“After much deliberation and analysis we have concluded the time is right to move from our current New York headquarters,” top Pfizer executives wrote in an email obtained by The New York Times. “We are planning to move to a Manhattan location that provides colleagues with a modern office space of the future.”

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https://www.bloomberg.com/news/artic...e-long-way-off

...Of the 16 spots the city has called “projected development sites,” nine have multiple owners, meaning a developer would first have to buy them all out, a time-consuming process called an assemblage.

...The Pfizer building may be a more likely opportunity. The age of the building and the fact that it has only one occupant makes “the potential for redevelopment easier,” Joan Campion, a spokeswoman for the pharmaceutical giant, said in an email. The company intends to sell and vacate the property because its infrastructure is outdated and “not conducive to an evolving, more-efficient workplace,” she said.

https://commercialobserver.com/2017/...east-rezoning/

Pfizer’s existing 675,000-square-foot headquarters on 235 East 42nd Street was increased to 15 from 10. (The company is looking at six or seven different places in the city to relocate, and an FAR increase makes their building more marketable to potential buyers.)

http://www.nydailynews.com/new-york/...icle-1.3363773

East Midtown zoning overhaul to bring 16 new, taller buildings

BY ERIN DURKIN
July 28, 2017

The blueprint, which covers 78 blocks in the heart of Manhattan, is expected to lead to the construction of 16 new buildings over the next two decades, bigger and taller than what is currently allowed.

“East Midtown is back,” Councilman Daniel Garodnick (D-Manhattan) said at a City Hall press conference Thursday. “This is a plan that will reestablish East Midtown as the crown jewel of our business districts.”

...The rezoning also delivers a major boon to Pfizer, whose building is included even though it doesn’t line up with the rest of the district, and will see its property value soar as it looks to sell the site. The company has committed to remain in Manhattan when it moves to a new site, though that promise is not legally binding.