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Pfizer May Have to Repay NYC Millions In Tax Breaks
By
Jen Chung
Published May 11, 2010
Modified May 11, 2010
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By
Jen Chung
Published May 11, 2010
Modified May 11, 2010
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After receiving millions in tax breaks from the city to create jobs, Pfizer is planning "to lay off or relocate up to 1,400 New York City employees," the NY Times reports. A government official told the Times that 800-1,400 jobs would be gone, either through reduction or relocation.
When Pfizer closed a Brooklyn plant in 2008 and laid off 600 workers, the Daily News' Juan Gonzalez, "In 2004 alone, the first year of the [tax break] agreement, Pfizer was supposed to add 1,000 jobs," but only added 199 jobs in 2007. A thousand employees were relocated to the NYC office, but many other NYC jobs were eliminated. The city's 2003 press release touted that Pfizer would "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." Well, now Pfizer is selling 685 Third Avenue.
The EDC tells the Times that the city will try to get $24 million, doubling the original amount, if Pfizer cuts more than 450 jobs. EDC spokesman David Lombino said, "A reduction in Pfizer’s New York City work force resulting from their merger and restructuring would of course be disappointing. But we’re encouraged that they are choosing to maintain their global headquarters here and will continue to employ thousands of New Yorkers." For now.
Tagged
corporate welfare
employment
pfizer
relocation
tax break
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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