What's The Big Deal?

What’s The Big Deal? Regeneron Buys Avon Complex For $38.875 Million; Landmark Drive Lot Sells For $2.63 Million; Pearl River Mixed-Use Sells For $2.375 Million

Development Features Industrial Real Estate Uncategorized What's The Big Deal
RCBJ-Audible (Listen For Free)
Voiced by Amazon Polly

Regeneron Pharmaceuticals Closes on 1 Avon Place For $38.875 Million For Research & Development Laboratories

1 Avon Place, Suffern, NYAvon Capital Corporation, a Delaware Corporation, sold its property holdings at 1 Avon Place in Suffern to Rock County Holdings, LLC. Rock  County Holdings, LLC is the realty arm of Tarrytown-based Regeneron Pharmaceuticals, Inc. The property sold for $38.875 million. The 235,000 square foot building complex on 10 acres was the corporate headquarters and global innovation center for Avon Corporation.

According to its application with the Rockland County Industrial Development Agency (IDA), Regeneron plans to use the facility for research and development and for cold storage. The acquisition will enable the company to expand its research efforts against infectious diseases and to further develop its existing portfolio of treatments.

Regeneron plans to spend about $70 million on infrastructure and reconstruction of the existing facility. It also sought and received a sales tax exemption worth about $4 million on an estimated $50 million of improvements, and is pursuing a Payment In Lieu Of Taxes (PILOT) agreement with the Village of Suffern, the Town of Ramapo and the local school district. Avon had enjoyed a PILOT during its tenure at the facility, and was released from its Agreement with the IDA in April of 2023.

Regeneron is anticipating 230 full-time jobs with average salaries between $105,000 and $435,000 per year. Construction should be completed in 2026.

Mixed-Use Retail Property on Main Street in Pearl River Sells for $2.375 Million

10-20 Main Street Pearl RiverThe mixed-use commercial buildings at 10-20 South Main Street in Pearl River have sold for $2,375,000. The seller was RSME Realty LLC. The buyer is Nanuet-based Building Better Dreams, LLC. The 10,250 square foot building sits on .50 acres with retail on the ground floor. The building also features seven residential units, four retail stores and four garages. The property sold for $231 per square foot.

The buyer, Building Better Dreams, LLC, through its owner Richard Peralta-Hernandez also owns property at 52 New Main Street in Haverstraw, where it received an incentive package from the Rockland Industrial Development Authority (IDA). Building Better Dreams agreed to spend about $2.2 million to rehabilitate the structure to house medical offices. The abatement provided through the IDA included mortgage tax abatement and sales tax exemptions of about $85,000.

According to public records, Building Better Dreams, LLC also purchased a small multifamily property at 59 Beach Road in Stony Point earlier this year for $649,000. The seller was Orangetown Town Supervisor Teresa Kenny.

Warehouse Planned For Landmark Drive in Congers; Lot Sells For $2.63 Million

540 Landmark Drive CongersCongers-based Long Clove Business Park Corporation sold the property at 540 Landmark Drive in Congers to Lot 5 LLC. The 4.15 acres of vacant land sold for $2.63 million.

The property, located in Landmark Corporate Park, was bought by Jonathan Scott of Lot 5 LLC, who is also the owner of Metrowall LLC, a Clarkstown business located adjacent to this property at 520 Landmark Drive.

Plans for the lot include construction of a 40,000 square foot building for warehousing, offices and light manufacturing. The planned building height is 46 feet. 74 parking spaces are planned as well as three loading berths.

The parcel is part of an already approved six lot subdivision.