Regeneron moves ahead with $138M project in Rockland

Tarrytown-based Regeneron anticipates adding 230 new jobs within three years of competing construction to transform the former Avon Products site at 1 Avon Place in Suffern into a biotech research and developmental laboratory facility with administrative offices. It estimates that the 207 professional staff members who would be working there would earn an average salary of $140,807, while the 13 management personnel would earn average salaries of $434,345. Regeneron anticipates the total cost of the property acquisition and redevelopment will be $138 million.

Avon had research and development operations taking place at the 1 Avon Place location, which it called the Avon Global Innovation Center. It had filed a notification with New York state in November of 2022 that it was closing the facility and laying off 138 workers.

The building contains approximately 235,000 square feet of space and is on 11 acres. When Regeneron’s build-out is completed, the building will have research and development laboratories, offices and cold storage space. Regeneron said that the new research and development facilities “will provide the flexibility for the company to expand its research efforts against infectious diseases in addition to further development of uses for its existing portfolio of treatments.”

The company said that it was seeking financial inducements from the Rockland County Industrial Development Agency (IDA) in order to expand closer to its headquarters in Tarrytown rather than going to an out-of-state location where costs would be lower. The IDA granted inducements to Regeneron.

The entity Rock County Holdings LLC recently took title to the property at a reported cost of just over $38 million. According to a resolution approved by the Rockland IDA, Regeneron is receiving exemptions of up to $4,187,500 in sales and use taxes on purchases of up to $50 million.