Washington, DC - Congressman Edolphus "Ed" Towns (D-Brooklyn) was pleased to announce today an expansion by Pfizer in New York City that will add 1,000 new jobs by next year. The pharmaceutical company's initial investment of $400 million to acquire and renovate office space could grow to as much as $1 billion over 15 years.   

"During a time when all you read about is increasing unemployment rates and significant budget deficits, it is nice to get some good economic news for a change," said Congressman Towns.  "This is a significant investment over several years, which demonstrates the company¡¦s commitment to New York and growing its business operations here."

Towns noted the company's long history in New York.  Pfizer, which has had its global headquarters in New York since 1849, maintains a manufacturing plant in the Williamsburg section of Brooklyn that Congressman Towns represents. 

"This expansion reaffirms New York¡¦s place as the leader in the world economy," said Towns.  "There is no denying that the City is going through a difficult time as it recovers from 911 and weathers the recession.  However, the fact that one of the world's largest companies is expanding its business here demonstrates that New York is still the center of world commerce."         
  
Pfizer says that the company's expansion is the largest corporate expansion in New York City in the last two years.