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New York State is giving a major biotech company a huge tax break for a major campus expansion in Westchester, which is set to bring around 1,000 jobs into the area.
Regeneron Pharmaceuticals, which created an antibody treatment for Covid-19, plans to spend $1.8B by 2027 to construct new labs, offices and parking spaces as well as improve surrounding roads at its existing 150-acre Tarrytown campus on 777 Old Saw Mill River Road, Gov. Andrew Cuomo announced last week.
“Not only will this expansion further drive economic growth in the Mid-Hudson Region, but fuel lifesaving innovation and development that benefits the entire world,” Cuomo said in a statement.
Regeneron would receive $100M in tax incentives from New York if it creates the agreed-upon number of jobs. It plans to build or retrofit up to eight buildings to be used for lab and office space, three parking garages and a 900K SF utility plant. Construction is expected to funnel $2B into the state’s economy and $283M into state and local budgets.
“I'm proud that they call Westchester home,” Senate Majority Leader Andrea Stewart-Cousins said in the release. “I look forward to the completion of this expansion and their continued success."
Regeneron has been a fixture in the fight against Covid-19. Its antibody cocktail, called REGEN-COV, was found to have decreased the risk of death from the virus in some cases, according to Reuters.
“Regeneron’s continued expansion reflects Westchester County’s vibrancy as a leading provider of intellectual capital, which is the primary engine that drives growth for the life sciences industry," Business Council of Westchester Director of Operations Ivette Molino told Bisnow in a statement Monday. "Their meteoric rise as a global research and development powerhouse will reverberate locally .... for decades to come."
Tarrytown is part of the largest life sciences hot spot in the state, according to the Westchester County Office of Economic Development. Two hundred life sciences companies have set up shop in the county, Westchester Magazine reported.
The announcement comes amid a period of growth for the life sciences industry in New York City as well. Last year, the sector saw a record-shattering infusion of cash from venture capital, as well as the government.
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