Business & Tech
Novartis Campus For Sale For 3 Times Its 2017 Price
The owner is asking more than the assessed value and is suing to have its assessed value lowered, The Journal News reports.
SUFFERN, NY — Yet another wrinkle over the former campus of Novartis Pharmaceuticals Corp. in Suffern has local officials worried. Novartis began closing its manufacturing facility in Suffern in 2014, affecting hundreds of employees in and around Rockland County.
It sold the campus to RS Old Mill for $18 million in 2017, an LLC which quickly resold it to Suffern Partners, The Journal News reported. The two went to court shortly thereafter over the title.
In addition to those lawsuits, Suffern Partners has also sued the town of Ramapo seeking to have the assessment lowered to lower its property taxes, TJN reported. Suffern Partners has a deal hanging fire to sell the campus for $55 million to another mystery LLC called IT Holder Entity. Apparently that deal is in limbo because of all the lawsuits.
Find out what's happening in New Cityfor free with the latest updates from Patch.
That sale price surprises town officials because the assessed value — the value Suffern Partners is trying to get lowered — is only $41 million, the paper reported.
Find out what's happening in New Cityfor free with the latest updates from Patch.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.