As State President, Phillips will oversee the council’s activities within New York State and act as a liaison between the regional vice president, the council’s leadership team, and its staff.
“Home sales momentum is building,” said NAR Chief Economist Lawrence Yun.
Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
WHITE PLAINS—Officials with Regeneron Pharmaceuticals Inc. told members of the Westchester County Industrial Development Agency this morning that it expects to come before the agency “very shortly” with a major new development project in the Town of Greenburgh.
Although Regeneron representatives did not provide any details on the new project, its representations at the session point to a parcel of land where the firm has previously secured approvals from the Town of Greenburgh for the construction of a group of buildings that could total approximately 1 million square feet at 555 Saw Mill River Road.
At the July 22 session, Janet Giris, a partner with the law firm DelBello, Donnellan & Weingarten, Wise & Wiederkeher, LLP and Dale Fanning, executive director-tax operations at Regeneron Pharmaceuticals, when questioned by IDA members, promised that the company would be back before the IDA “as soon as possible” on the new development project. They also said that the company would soon be filing plans for a day care facility on its property with the Town of Mount Pleasant.
When asked when Regeneron might introduce the larger development project, which is owned by an entity of the company, Giris said, “As soon as we can.”
The Tarrytown-based firm is currently before the IDA concerning a project estimated to be valued at $480 million that involves the construction of a new two-story, 207,000-square-foot building, along with a parking structure and other infrastructure. That proposal is an amendment to a plan previously approved by the Westchester IDA known as the Parcel D project that significantly raises the level of investment by approximately $331 million to $480 million. The original plan called for the construction of a building totaling approximately 128,000 square feet of mixed lab/office space. The firm is now seeking a total of $7.7 million in sales tax exemptions in connection with this project from the IDA.
Giris and Fanning had no further comment on the company’s plans when questioned by Real Estate In-Depth. The IDA heard a cost-benefit analysis presentation on the Regeneron project. The study estimates that the $480-million project will create approximately 1,624 jobs during the construction phase and 505 jobs once operational. Construction on the Parcel D project before the IDA is expected to begin later this year with move-in scheduled for mid 2024.
While no development cost for the new project is known, if the firm moved forward with its full 1-million-square-foot development potential, it would easily dwarf the nearly $500-million project currently being considered by the Westchester County IDA.
It should also be noted that Gov. Andrew Cuomo announced on July 16 that Regeneron has plans to spend approximately $1.8 billion on its Westchester County expansion plans. The governor noted that the firm had considered several other out-of-state sites before deciding on investing in the properties it owns in Greenburgh.
Westchester County IDA Chairman Joan McDonald thanked Regeneron for remaining in New York State and promised the county would help the firm in its recruitment efforts in connection with its expansion program.
In the governor’s announcement last week, state officials noted that Regeneron intends to substantially expand its research and development capabilities in Tarrytown, which will include the addition of new preclinical manufacturing and process development suites, laboratories and office space. The project will encompass the design and construction and fit out of up to eight buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Road infrastructure improvements will be necessary to support additional buildings at their existing headquarters and R&D campus. The project is planned to take place in two phases over six years.
The company will expand its research, preclinical manufacturing and support facilities at the company’s Westchester County campus and create 1,000 new full-time, high-skill jobs in the Mid-Hudson region over the next five years. Gov. Cuomo said that in return, Empire State Development is offering the company up to $100 million in Excelsior Jobs Program tax credits if its hiring goals are achieved.
Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
Yun noted that a key trend going forward is that for-sale inventory has been increasing of late and is expected to continue next year.
Fernandez, who has served as HGAR’s CEO since September 2023, was among three award winners. She joined HGAR after having served as CEO of the Greater Louisville Association of Realtors.
Overall buyers and sellers should expect to see a more balanced market in 2025, which will require some give and take on both sides.
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