Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
Elected officials, seeking to appease vocal constituents, frequently uphold restrictive zoning laws that favor single-family residences over more diverse housing options.
In 2023, the Rockland County Office of Consumer Protection investigated 617 complaints and returned $66,000 to homeowners.
PEARL RIVER—Global pharmaceutical firm Pfizer Inc. reports that it will spend $470 million to expand its vaccine research and development operations here.
As Bloomberg first reported, Pfizer confirmed to Real Estate In-Depth that it plans over the next three years to secure necessary approvals and expand and modernize its campus with a new 260,000-square-foot lab building. The project will feature a total of 55,000 square feet of lab space. The new space is expected to be operational in 2026.
The plan by the Manhattan-headquartered firm, also calls for the addition of amenities such as a modern café, fitness center, parking garage and functional outdoor plaza, according to Jerica Pitts, Senior Director, Global Media Relations for Pfizer. “The rejuvenated campus will feature connected buildings and a prominent main entrance,” she said.
“Discussions about expanding Pearl River began before the pandemic, and Pfizer’s COVID research put more strain on its facilities,” Pitts said. “The additional space will allow more room and capabilities to expand ongoing work. The new design will have space for up to 370 workers and we plan to hire up to 150 more employees.”
The campus was formerly owned by Pfizer, which sold most of the property to Industrial Realty Group in 2015. The IRG campus, now known as Hudson Valley iCampus totals approximately 2 million square feet. Pfizer, which leases space at the Hudson Valley iCampus, occupies approximately 850,000 square feet of space on 33 contiguous acres it owns.
At press time it is unclear if the expansion space will be built on Pfizer owned or leased property.
Rockland County Executive Ed Day in a prepared statement, said of the Pfizer investment at the Pearl River property: “It’s heartening to see the renaissance this company has undergone during my administration. I’m happy to see these champions against a global health crisis planning to invest and create even deeper roots within our beautiful county with a $470-million expansion and 100 new hires. I commend Pfizer on its contribution to science and saving lives along with its commitment to calling Rockland home.”
Hudson Valley iCampus tenants include Pfizer, Inc.; RK Pharma, Inc.; Sanofi US Services, Inc.; Iris Biogen Corp.; and Urban Electric Power, Inc. The property also features a 23-megawatt Central Utility Plant that provides electricity, steam and chilled water to the tenants and also to the buildings Pfizer’s owns.
Jamie Schwartz, president of Hudson Valley iCampus, said of Pfizer’s expansion, “Pfizer’s announcement is exciting and is in line with our collaboration with Pfizer and our common goal in making the Hudson Valley iCampus a place where innovation thrives as it is quickly becoming one of the Bio-Tech/Life Sciences hubs in the region.”
The campus has previously served as Lederle Laboratories’ R&D, laboratory, manufacturing and headquarters, dating to the early 1900s. The property was later transferred to Wyeth Pharmaceuticals. Pfizer acquired Wyeth and the original 240-acre property in 2009 and sold 207 acres and 25 buildings to IRG in 2015.
Schwartz told Real Estate In-Depth that recently retailer Party City had signed a lease for 57,000 square feet of warehouse space. Back in April, Momentive Performance Materials Inc. announced it will be relocating its operations in Tarrytown to nearly 67,000 square feet of space at the 207-acre Hudson Valley iCampus property here in 2023.
Momentive Performance, which is headquartered in Waterford, (Saratoga County) NY will relocate next year from its current space at 769 Old Saw Mill River Road in Tarrytown.
Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
“2023 was a difficult year for Realtors due to high mortgage rates and low housing inventory, which significantly impacted home sales volume,”
The program offered the latest home sales data and trends for Rockland County, updates on the NAR Commission settlement, and perspectives on topical business and political issues.
Only Westchester saw a slight increase in closed sales for single-family homes, with a 4.6% gain.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
