The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
TARRYTOWN—The largest business expansion project in the history of Westchester County became official on June 22.
New York Gov. Kathy Hochul joined other state, county and local officials to celebrate the ceremonial groundbreaking of Regeneron Pharmaceutical Inc.’s $1.8-billion expansion project at its corporate headquarters campus in Tarrytown/Greenburgh.
The biotechnology company has committed to create at least 1,000 new full-time, high-skill jobs in the Mid-Hudson region over the next five years.
Tarrytown serves as Regeneron’s corporate and research and development headquarters, and the expansion plan now underway includes the addition of new laboratories, preclinical manufacturing and process development suites and office space. The project will encompass the design, construction and fit out of up to eight buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet.
New York State’s Empire State Development is supporting the project with up to $100 million in performance-based Excelsior Jobs Program tax credits, consistent with the company’s hiring goals. Regeneron considered several potential sites in the tri-state area before deciding to expand in the Mid-Hudson region. The company has stated that it is also receiving incentives from the Westchester County Industrial Development Agency and other sources totaling approximately $172.9 million.
“New York is a leader in the life sciences industry in part due to the decades of investment and many groundbreaking scientific advancements at Regeneron,” Gov. Hochul said. “The COVID-19 crisis was one demonstration of how quickly and effectively Regeneron is able to deploy its drug discovery and development engine against devastating diseases. Regeneron’s work has undoubtedly saved countless lives in New York and throughout the United States, and we are proud that Regeneron will continue to create good jobs and invest in the Mid-Hudson region as they work to make additional breakthroughs against blindness-causing diseases, cancer, genetic diseases and more.”
Regeneron President and Chief Executive Officer Leonard S. Schleifer, M.D., Ph.D., said, “We have been a proud New York company since our beginning over three decades ago, during which time we have invented industry-leading drug discovery technology and developed 10 FDA-approved or authorized medicines entirely in our own laboratories. New York State has played an important role in our success by consistently recognizing the value of innovation, fostering an inclusive and dynamic biomedical industry, and helping to attract top talent to the region.”
Details of Regeneron Pharmaceutical’s expansion plans in Westchester were detailed in paperwork filed with the Westchester County Industrial Development Agency earlier this year in connection with incentives it was seeking for its investment at the Tarrytown complex.
The company has already begun construction on its Parcel D expansion project at its headquarters campus property in Greenburgh that is valued at $480 million. The Parcel D project involves the construction of a new two-story, 207,000-square-foot building, along with a parking structure and other infrastructure.
The firm now will also move forward with its $1.394-billion “Loop Road” project in the Town of Greenburgh involving the construction of eight new buildings, three parking garages and a central utility plant totaling approximately 724,000 square feet at 777 OId Saw Mill River Road. The development would be located on a portion of the 100 acres the company acquired for $72 million in 2015.
The Parcel D and Loop Road projects total approximately 921,000 square feet of space and a total investment of $1.87 billion.
The proposed Loop Road capital investment would serve to locate and staff multiple new R&D laboratories, administrative buildings, and amenities. Regeneron, which currently employs more than 3,300 full time employees at its corporate headquarters facilities in Tarrytown, stated that the project would retain 250 jobs at its campus property in Greenburgh, Mount Pleasant and Tarrytown and add another 700 new jobs at the property.
The construction of the project will result in approximately 2,500 construction jobs. In connection with the project, a study commissioned by the Westchester County IDA estimates that the construction project would generate $208.8 million in direct spending in Westchester County.
Westchester County Executive George Latimer said, “Westchester County is proud to be home to New York’s largest biotech company—Regeneron. Regeneron is growing and shaping the future of the biopharmaceutical industry and in doing so is adding full-time and high-skill jobs. I thank Governor Kathy Hochul for her leadership and foresight in supporting the expansion with up to $100 million in performance-based Excelsior Jobs Program tax credits. We all look forward to seeing what Regeneron will do next.”
Town of Greenburgh Supervisor Paul Feiner said, “The expansion of Regeneron’s campus is the most significant economic development project in the Town of Greenburgh’s history. Additionally, Regeneron is making significant breakthroughs and advancements in the field of life science and improving the lives of New Yorkers in the process.”
Town of Mount Pleasant Supervisor Carl Fulgenzi said, “The Town of Mount Pleasant is proud to have Regeneron as a major manufacturer and biotech facility in our town that has constantly and successfully expanded over the years offering many job opportunities and broadened our tax base. We look forward to their future growth and look forward to partnering with them for an even brighter future ahead.”
The project is expected to take place in two phases over six years, with construction expected to be completed in 2027. The direct and indirect fiscal benefit to state and local government is estimated to be more than $283.3 million, with a nearly $2 billion estimated economic benefit to New York State.
Regeneron was founded in 1988 in New York City; the following year, New York State invested $250,000 in the company. Today, Regeneron is the largest biotech company in New York State and one of the largest and most productive in the world.
That fact that both sales and home prices continue to increase is an indication of the high demand and low supply that exists throughout the New York metro area and lower Hudson Valley,” said HGAR CEO Lynda Fernandez.
“Mortgage rates in Trump’s first term (at 4%) were the good old days. Are we going to go back to 4%? Per my forecast, unfortunately, we will not. It’s more likely that we’ll go back to 6%.
New York City remains a top market for investment for international groups.
Some of the highlights of the two-day event included the selection of 2024 HGAR award winners, including Realtor of the Year Tony D’Anzica and Affiliate of the Year Richard Haggerty.
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