SUFFERN, NY — In an unexpected reversal from an enterprise level company, biotech giant Regeneron has reportedly abandoned its plan to relocate to the former Avon campus in Suffern, dealing a blow to economic boon in the downtown retail and restaurant sector.
Multiple sources, speaking on condition of anonymity, confirmed that despite Regeneron’s 2024 purchase of the 1 Avon Place property—an acquisition valued at nearly $39 million—the company now intends to retain its headquarters and continue its expansion in Westchester County. Facilities in Tarrytown, Sleepy Hollow, Armonk, and Rensselaer will remain central to the company’s operations.
The move effectively ends what had been a highly anticipated redevelopment of the long-standing Avon property. At the time of purchase, Regeneron signaled intentions to invest an additional $100 million in site renovations, with support from the Rockland County Industrial Development Agency, including tax incentives and a projected job creation of more than 230 high-paying positions by 2026.
“This is just tremendous for western Rockland County,” Rockland Business Association CEO Al Samuels had said at the time. Local leaders, including Suffern Mayor Michael Curley, had also lauded the project as a potential economic boon for downtown businesses and municipal revenues.
Now, those expectations are on hold
The decision not only cancels the expected influx of biotech jobs—estimated to average between $125,000 and $175,000 in annual salary—but also erases anticipated downstream economic benefits for Suffern’s local food, retail, and service sectors.
“This kind of turnaround would definitely be disappointing,” said one local representative, who asked not to be named. “We’re not just talking about a building here—we’re talking about a community that was preparing to welcome hundreds of new professionals, new families, and new opportunities.”
In an follow up statement by Regeneron:
“Regeneron has made the strategic decision to sell our Suffern, NY property, which was acquired in late 2023 to supplement the expansion of our Tarrytown campus. The decision reflects the progress of our Tarrytown project, which is providing additional lab and office space to meet the needs of our growing R&D pipeline, as well as our desire to keep more colleagues together on fewer campuses.
We remain committed to New York State and to our continued growth in the region. We are grateful to the local officials and community leaders in Suffern and Rockland County for their support and partnership over the past years. While our evolving needs have led to this decision, we value the partnerships formed and look forward to continuing our contributions to the New York State economy.’
The Avon facility had been a historic staple in Suffern since 1897, once employing up to 1,500 people before the cosmetics giant relocated most of its operations abroad in 2022. Regeneron’s acquisition was initially seen as a promising second life for the property—and a signal that Rockland County re-establish itself as a serious player in New York’s growing biotech economy.