SUFFERN, NY – Avon 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.

“As you may know already, the pharmaceutical company Regeneron has purchased Avon properties. Regeneron is a top-notch company who will bring jobs and hopefully home buyers to our Village. They will also help with foot traffic downtown, which is always good for our local businesses. They will provide approximately 230 jobs, with salaries ranging from $125,000 to $175,000 a year. I wish them well and as Mayor, I will assist them with a smooth transition and hopefully growth in our Village.” said Village of Suffern Mayor Curley.

Full article below from the Rockland County Business Journal here