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FOR IMMEDIATE RELEASE
PR- 114-03
May 5, 2003

MAYOR MICHAEL R. BLOOMBERG AND GOVERNOR GEORGE E. PATAKI ANNOUNCE THAT PFIZER WILL CREATE 2,000 NEW JOBS FOR NYC ECONOMY

Pfizer Purchases Third Avenue Building To Consolidate Operations

Mayor Michael R. Bloomberg and Governor George E. Pataki today announced that Pfizer Inc. has chosen New York City for a business consolidation and expansion project that will create 2,000 new jobs for the City’s economy and retain the 5,500 workers currently employed in Manhattan and Brooklyn. The world’s largest pharmaceutical company will invest $560 million to purchase and renovate 685 3rd Avenue. In total, Pfizer expects to invest approximately $1 billion in New York City over the next 15 years including the purchase of 685 3rd Avenue, renovations at their 42nd Street/3rd Avenue corporate headquarters campus, and other investments in Pfizer real estate throughout the City.

“Pfizer’s long, successful history began in Brooklyn more than a hundred and fifty years ago,” said Mayor Bloomberg. “That history has always included a strong commitment to New York City. Today, Pfizer is reaffirming that commitment and I am very pleased that the City and State were able to play a role in making that happen.  This is a real step forward in the City’s economic recovery and the message is clear: New York City is open for business.”

“Today gives New York a huge victory against a national economy that has states competing for each new job and each new business investment,” Governor Pataki said.  “New Jersey and Michigan would love these jobs, but New York offers a stronger business climate that Pfizer knows will help them succeed for years to come.  Today sends a message to the entire corporate world that New York is still, and forever will be, the capital of the business world.”

In consideration of its commitment to New York’s economy, the City’s Economic Development Corporation has offered an incentive package worth up to $46.1 million if Pfizer creates 4,300 new jobs by the end of the 15-year term of the agreement. In addition, Pfizer is eligible to apply for up to $1.4 million in grants from the New York State Empire State Development Corporation.

Pfizer’s job growth within New York City is the result of its merger with Warner Lambert in 2002 and its acquisition of Pharmacia, as well as the need to expand its marketing and corporate service functions.  With these business moves, Pfizer has a significant presence in Michigan and New Jersey.  New York competed directly against these states to win this expansion project.

“Today’s announcement marks another important milestone in our 154 years of operations in New York City,” said Pfizer CEO Hank McKinnell. “During a time of economic uncertainty, as New York City continues to recover from the aftermath of September 11, we are pleased to add good jobs in New York and launch a capital investment program that will bring substantial returns to both the City and State. I salute the efforts of New York’s leaders to work in partnership with Pfizer, and we share their commitment to maintaining and enhancing New York’s leadership in the global economy.”

Pfizer will purchase and renovate the 634,000 square-foot 685 3rd Avenue building.  Pfizer expects to have the first 1,000 employees at this location within twelve months of acquiring the building, which is scheduled to occur in June 2003.  Some of these positions will be filled by out-of-state relocations from New Jersey, Michigan, Missouri, and Illinois.  The additional 1,000 jobs will be added during the next five years.  The average salary for the 2,000 jobs is $150,000. Pfizer’s world headquarters is located at 235 East 42nd Street, where it has approximately 4,500 workers.  The company also has 1,000 workers at a manufacturing facility in Williamsburg, Brooklyn.

“While Pfizer has announced job cuts in other states, New York has succeeded in not only retaining all Pfizer jobs but also the attraction of 2,000 jobs to our economy,” said Empire State Development Corporation Chairman Charles A. Gargano.  “Pfizer’s decision to consolidate and expand here shows a great partnership between the Governor and Mayor to attract more jobs and business investments.”

“When any large company decides to recommit to New York City, it is a major coup,” said EDC President Andrew M. Alper.  “But when the company is as innovative and progressive as Pfizer, the decision is particularly rewarding.  I commend Hank McKinnell and the people of Pfizer and wish them continued success.”

The March issue of Site Selection magazine reported that New York State, despite tough economic times, remains a solid 3rd in the nation in attracting new and expanded corporate facilities.  In 2002, New York attracted 812 expansions, compared with only 75 in 1994 when the State placed a disappointing 20th.





CONTACT:

Jordan Barowitz / Jennifer Falk   (212) 788-2958

Lisa Stoll/Mollie Fullington (Governor)   (212) 681-4640

Andy McCormick (Pfizer)   (212) 573-1226


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