A noteworthy legislative amendment was the exclusion of “squatters” from the definition of “tenant” under the current tenancy laws.
It is important to note that while the new Good Cause Eviction Law went into effect in New York City immediately, other municipalities throughout New York State will need to opt-in by enacting this legislation if they so choose.
Like 2022, the Regeneron was the IDA’s largest project by far in 2023. The expansion project is expected to create more than 2,700 construction jobs.
WHITE PLAINS—The nearly $2-billion expansion of Regeneron Pharmaceuticals has once again put economic development activity incentivized by the Westchester County Industrial Development Agency in the billions of dollars.
The agency reported that 2023 was another record year as it finished the year with final and preliminary approval of financial assistance for private investment development projects valued at approximately $2.2 billion. This follows up the 2022 calendar year, which saw the IDA provide financial incentives for projects with an estimated value of $1.84 billion.
In 2022, the IDA provided incentives for the first phase of Regeneron’s expansion at its facilities in Greenburgh and Tarrytown. Last year, the agency once again approved incentives for the pharmaceutical firm’s larger expansion of its corporate headquarters complex.
Like 2022, the Regeneron was the IDA’s largest project by far in 2023. The expansion project is expected to create more than 2,700 construction jobs including 1,867 direct jobs resulting in more than $273 million in worker earnings and $357 million in economic activity in Westchester County, the IDA reported.
Westchester County Director of Operations Joan McDonald, who chairs the IDA, said of the IDA’s 2023 activity: “When you take Regeneron’s expansion coupled with the other economic development programs that we have in the county, which based on my experience are unique, for a county to be this active in economic development initiatives focusing on the biotech, advanced manufacturing and clean energy sectors, there is a strategy there.”
She said the wide range of projects that received incentives was “truly impressive,” including transit-oriented developments, affordable senior housing, research labs, adaptive reuse housing and energy storage facilities. McDonald noted that while the projects in $10-million projects in Ossining and Yorktown will not involve significant job creation, it does “send a message that we are committed to alternative energy.”
“In addition to local developers, we are also seeing national real estate companies that are attracted to the highly educated workforce and excellent quality of life that Westchester has to offer,” McDonald added.
Other projects in addition to Regeneron that are receiving preliminary and final approvals of financial assistance in 2023 included:
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New one-unit CLL values in the Bronx, Manhattan, Westchester, Rockland and Putnam counties will be $1,149,825.
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