News: Long Island

Brookhaven IDA closes on incentives pact enabling biotech firm to purchase 10,000 s/f in Bellport

Bellport, NY Frederick Braun III, chairman of the town of Brookhaven Industrial Development Agency (IDA) said that the IDA has closed on a package of economic incentives that will allow a biotechnology company in Stony Brook University’s Long Island High Tech Incubator (LIHTI) to buy and equip an industrial building, allowing it to expand and return outsourced manufacturing to Long Island.

The closing on June 6, 2025, involves incentives for Biocogent LLC, which focuses on research, development, and the manufacturing of biologically active dermatologic ingredients for skincare. It manufactures 17 dermatologic products, including a bacteriophage to treat acne, which are sold to over-the-counter skincare and medical care markets, with $20 million in global sales.

The incentives will enable Biocogent to buy a 10,000 s/f building at 9 Sawgrass Dr. near two existing facilities used by the company. The total cost of the project is $4.25 million. It will allow the company, which has 42 employees with an average salary of $129,000, to create six more positions.

Biocogent, which has 12,000 s/f at the incubator, plans to discontinue using the university space, where it conducts research and development. It said space limitations have constrained its growth.

The new project will be the third building at the company’s campus. The first is used for operating and warehouse space, the second for process manufacturing, and the third for research and development, and bio-manufacturing.

Biocogent is buying the building, formerly used to distribute electronic components, from CJR Holding LLC.

MORE FROM Long Island

Suffolk County IDA supports expansion of A&Z Pharmaceuticals

Hauppauge, NY The Suffolk County Industrial Development Agency (IDA) has granted preliminary approval of a financial incentive package that will assist a manufacturer in expanding its business by manufacturing more prescription (Rx) pharmaceuticals in addition to its existing over-the-counter
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.