Regeneron Buys Historic Avon Property In Rockland County

ROCKLAND COUNTY, NY — Global biotech giant Regeneron, based in Westchester County, bought the historic Avon facility in Suffern Dec. 1.

"Regeneron looks forward to becoming part of the Rockland community following the completion of its purchase," Regeneron spokesman Joseph Brown told Patch Wednesday.

Avon Products, Inc. will rent the space from Regeneron through spring 2024 as it transitions its R&D operations to other locations, he said.

Regeneron will begin a comprehensive renovation project in mid-2024, transforming the site into a state-of-the art medical research lab, office and cold storage space, Brown said. "This facility will serve as a dynamic workspace for approximately 230 Regeneron employees, with the move-in process expected to begin sometime in 2025."

Steven Porath, Executive Director of the Rockland County Industrial Development Agency, told Patch the Regeneron deal is a textbook example of how economic development can help a local community.

"It's a big win for the county, the town, the village and the school district," he said. "We were looking at a situation where that facility would have been closed, with jobs lost and the tax ramifications."

Avon opened the plant in Suffern in 1897. Avon International announced in 2022 it was moving manufacturing to Brazil and Poland, The Journal News reported.

In 2021, celebrating its 135-year history, the company noted its newest achievements, including:

• Our products have won more than 300 awards over the last three years and the brand sells three lipsticks every second
• We sell seven bottles of fragrance every second – more than any other brand
• 70% of our scientists are women
• Together with our customers and Reps we’ve donated over $1bn to the causes that matter most to women
• We have donated $10m to charities across the world every year for the past decade
• We have funded over 20 million breast screenings and helped 14 million women through domestic violence
• We have funded more than $9.3m worth of educational scholarships

Regeneron officials approached the Rockland County IDA as they considered the purchase, he said. They were looking for two things — a PILOT (payment in lieu of taxes) and also exemption from the 8.375 percent sales tax on the capital investment.

The IDA authorized Regeneron to negotiate with the town, village, school district and county on a property tax deal. All were intimately involved, with their assessors and legal advisors, figuring out the costs and benefits, he said.

A well-negotiated PILOT isn't taking tax money away, it's phasing in when the community is going to realize the benefits of the economic development, he said. "I think they all recognized what they don't want is a big empty building sitting there. Having a global company bringing in good jobs is much better."

The IDA is now finalizing the particulars, including the "recapture benefits provisions" that contractually bind companies to follow through as promised and protect communities against default.

"Once it's finalized we'll post it on our website," Porath said.

Regeneron, headquartered in Tarrytown, is one of the Hudson Valley's largest employers. It is also one of the biggest companies in America, ranked No. 339 on the Fortune 500 list for 2023. And it's growing. SEE: Regeneron Will Invest $1.8B To Expand In Westchester

"Regeneron’s mission is to turn world-class science into much-needed medicines for people around the globe," Brown said. "Beyond our commitment to scientific innovation, we are deeply invested in the communities where we live and work, contributing to the local economy, championing environmental sustainability, encouraging employee volunteerism and philanthropy, and nurturing STEM education programs to inspire future generations of scientists."

Regeneron has sponsored the prestigious and venerable International Science and Engineering Fair for young scientists since 2016. SEE: Regeneron Renews Sponsorship Of STEM Competition