The share of first-time buyers in the market has contracted by 50% since 2007—right before the Great Recession. The implications for the housing market are staggering.
“The decision reflects the progress of our Tarrytown project, which is providing additional lab and office space to meet the needs of our growing R&D pipeline, as well as our desire to keep more colleagues together on fewer campuses.”
LVR selected Fernandez as its CEO after a lengthy nationwide search.
“The decision reflects the progress of our Tarrytown project, which is providing additional lab and office space to meet the needs of our growing R&D pipeline, as well as our desire to keep more colleagues together on fewer campuses.”
SUFFERN, NY—Regeneron Pharmaceuticals Inc. of Tarrytown, NY has decided not to move forward with a project valued at approximately $139 million to renovate the former Avon Products facility here that it acquired in December 2023. The firm, which is undertaking a $1.8-billion expansion at its facilities in Tarrytown and Greenburgh, intends to sell its Suffern complex after it had determined its expansion in Westchester would be sufficient for its growth needs.
A spokesperson for Regeneron confirmed that it has abandoned its plan to establish a new research and development facility at the 235,000-square-foot Suffern property and intends to sell the building. The company’s plans were first reported in Rockland News.
Alexandra Bowie, executive director, corporate communications for Regeneron Pharmaceuticals, said, “Regeneron has made the strategic decision to sell our Suffern, NY property, which was acquired to supplement the ongoing expansion of our Tarrytown campus. The decision reflects the progress of our Tarrytown project, which is providing additional lab and office space to meet the needs of our growing R&D pipeline, as well as our desire to keep more colleagues together on fewer campuses.”
She added, “We remain committed to New York State and to our continued growth in the region. We are grateful to the local officials and community leaders in Suffern and Rockland County for their support and partnership over the past years. While our evolving needs have led to this decision, we value the partnerships formed and look forward to continuing our contributions to the New York State economy.”
An entity of Regeneron Pharmaceuticals of Tarrytown, NY (Rock County Holdings) acquired the Avon Global Innovation Center at 1 Avon Place in Suffern for $38,875,000 from Avon Capital Corp., according to a deed filed with the Rockland County Clerk on Dec. 20, 2023. Regeneron secured a sales tax exemption of approximately $4.2 million on an estimated $50 million in improvements from the Rockland County Industrial Development Agency and also entered into a PILOT with local municipalities and school district. Regeneron stated in documents filed with the Rockland County Industrial Development Agency that it planned to spend nearly $100 million to retrofit the facility located on 10 acres for its research and development operations. The project was expected to create 230 full-time jobs upon completion.
In addition to the acquisition, the company’s IDA filing apportioned the costs as follows: $63 million for reconstruction/ renovation work; $23 million in non-manufacturing equipment (furniture, fixtures, etc.) costs; and $6 million in soft costs.
Steve Porath, executive director of the Rockland County Industrial Development Agency, said Regeneron contacted the agency several weeks ago regarding its decision and that the IDA would be looking at the PILOT to determine whether any clawback of funds might be in order. The project to repurpose the former Avon facility was in its very early stages and he did not believe the company had taken advantage of any of the incentives granted by the IDA.
Rockland County Executive Ed Day released a statement on Regeneron’s decision, stating: “While we’re disappointed that Regeneron chose not to invest in Suffern, this moment will not define Rockland. Over the past decade, we’ve seen record-breaking economic growth and job creation. Since 2024 alone, my administration, working with the Rockland County IDA, has closed on 13 major projects representing $2.4 billion in new investment, 560 permanent full-time jobs, and more than 1,000 ongoing construction jobs, including union work. Rockland remains one of New York’s most skilled and innovation-ready communities, and we will continue to aggressively pursue partners who share our vision for bold growth and opportunity.”
Suffern Mayor Michael F. Curley said that it was a business decision by Regeneron to not move forward with the project in Suffern and he is hopeful that a new buyer will be found that will bring perhaps even larger investment and jobs to the village. Mayor Curley noted that Regeneron had signed a community benefits agreement with the village in connection with the Suffern building renovation that calls for the biotech company to contribute well over $100,000 a year. The mayor said he expects Regeneron to abide by that agreement, which Lohud reported is expected to provide the village $127,000 a year in 2026 and 2027.
Regeneron broke ground in June 2022 on the largest business expansion project in Westchester County history, the $1.8-billion expansion project at its corporate headquarters campus in Tarrytown/Greenburgh.
The biotechnology company has committed to creating 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 and 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’s stock was trading mid-day on Nov. 4 at $631.45 a share. Its 12-month high was $852.01.
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Blackstone Real Estate Debt Strategies provided the financing, the proceeds of which will be used to retire existing debt and fund future leasing activity.
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