Wall Street Journal
New York Region — March 5, 2013 – By LAURA KUSISTO
Once the barren symbol of a lost age, the Brooklyn Navy Yard has been at the center of the city’s efforts to revive its dying manufacturing sector. Now, the 10-year undertaking has reached a milestone.

The nonprofit Brooklyn Navy Yard Development Corp. plans to announce Wednesday that it will begin renovating the site’s largest structure, Building 77. With 1 million square feet of room, it contains about a quarter of the yard’s usable space and is the last large building to be developed on the site.

United States federal government issues 2,200^th Conditional Green Card to EB-5 applicants and family members in NYCRC projects

The United States federal government issued its 2,200^th Conditional Green Card to EB-5 applicants and family members participating in New York City Regional Center projects. The issuance of the Conditional Green Cards follows approval of the applicant’s I-526 Petition and a United States Consulate interview. To date, United States Citizenship and Immigration Services (“USCIS”) has approved 100% the I-526 petitions that it has adjudicated for New York City Regional Center (“NYCRC”) projects.

New York City Regional Center Provides $65 million of EB-5 Funding to Help Finance 45,000 square feet of New Stages in the Brooklyn Navy Yard

The funding came from 130 EB-5 entrepreneurs representing 15 different countries. These countries include Brazil, Canada, China, Egypt, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Netherlands, Nigeria, Turkey, and Venezuela.

“The New York City Regional Center is pleased to assist Steiner Studios with its expansion. The new sound stages will provide much needed space for some of the nation’s largest entertainment and media companies,” said Paul Levinsohn, Managing Principal of the New York City Regional Center.

Five New Stages in Brooklyn Navy Yard Total over 45,000 Square Feet

$500,000 in Training Grants, Expanded Mini-MBA Program and New “Made in NY” Media Center Will Help Support and Grow Industry in New York City

Mayor Michael R. Bloomberg and Media & Entertainment Commissioner Katherine Oliver today joined Steiner Studios Chairman Douglas C. Steiner to open five new soundstages at Steiner Studios in the Brooklyn Navy Yard. The new stages, totaling 45,000 square feet, will provide new and expanded opportunities for New Yorkers who work in the film, television and commercial production industry. The Mayor also launched initiatives designed to support and grow the industry, including new grants for training programs that prepare New Yorkers for careers in production and digital fields; a new entertainment component to the City’s mini-MBA partnership with NYU’s Stern School of Business; and a request for proposals for a “Made in NY” Media Center, which would provide media companies with affordable work space and other services.

Hollywood is again investing in the Brooklyn Navy Yard — but local workers may get the payoff.

The Steiner Studios film production facility unveiled expanded capacity on Monday — but the celeb-unstudded announcement also included news of the relocation of a major job-training program to the Navy Yard, plus some more grant money from the Bloomberg Administration…

“In New York State, we have 9 USCIS-approved regional center projects that are doing a world of good to create good-paying American jobs . . . These are worthy projects that are employing thousands of New Yorkers right now.”

–New York Senator Charles E. Schumer

“The Program matches ready sources of capital to well-defined business projects that create jobs for American workers. . . New York City has seen the power of the Program up close.  The Program has been used to attract over $250 million of dollars to public-private, job creating projects . . . It will help recharge the economy and create jobs that our workforce needs so badly.  We cannot afford to pass up solutions like this – especially when they don’t cost taxpayers a dime.”

–New York City Mayor Michael R. Bloomberg

City-owned Brooklyn facility will use $40 million raised via federal visa program to help finance rehab of an 18-story, 1 million-square-foot industrial building, that accounts for nearly a quarter of Navy Yard’s space.

Using the federal EB-5 program—which grants green cards to foreigners who invest in U.S. construction projects—the Brooklyn Navy Yard is poised to raise $40 million. The funds will be used to help renovate an 18-story, 1 million-square-foot industrial building in the 300-acre, 211-year-old facility.

The building alone comprises a quarter of the city-owned Navy Yard’s total space, which consists of 40 buildings. An insider said the Navy Yard is finalizing negotiations to situate tenants in the property, known as Building 77.

The Navy Yard has used the EB-5 program in the past, raising $60 million in 2010 to help construct an 89,000-square-foot industrial building and complete a host of infrastructure improvements…

From Real Estate Weekly…

A type of transaction that permits foreigners to invest in the United States in exchange for residency rights has caught on as a popular financing mechanism for real estate and development deals in the city.

The EB-5 Immigrant Investor Program, as the vehicle is called, has been used on a number of recent real estate projects in the city, including the just signed $180 million deal to redevelop the George Washington Bridge Bus Terminal…

The following excerpt is from Mayor Bloomberg’s remarks at a breakfast at the Brooklyn Navy Yard on December 8, 2010.

“In New York, we know the economic power of immigration – because we see it every day. Nearly 40 percent of city residents were born outside the U.S., and beyond the cultural, religious, and civic contributions they make to our city – they do something else: they work. They start businesses. They create jobs. They pay taxes. We need more of that, not less.

“Here at the Navy Yard, we took advantage of a federal program that provides a green card to anyone who is willing to invest more than $500,000. That helped the Navy Yard attract $60 million in new investment – and now Steiner Studios has used the same program to attract another $65 million to fund its expansion.

“We want even more foreign capital to come here – so that more jobs are created here. The federal government could do that very simply: by making it easier to qualify for the program. And it should go further, by creating a new visa that allows immigrant entrepreneurs who have U.S. investors to come to America to launch their businesses. Any elected official who says he or she is pro-business ought to be able to get behind this idea.”

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The Brooklyn Navy Yard hopes to trade green cards for greenbacks to help finance $125 million in projects in its biggest facelift since World War II.

“We have to look for ways to do more with less,” said Robert Lieber, deputy mayor for economic development. “This is a real interesting and clever way to provide financing.”

The so-called EB-5 visa is awarded to foreigners who invest $500,000 to $1 million in U.S. businesses; $500,000 is required if the investment is made in a high-unemployment or rural area. The investors must document that their investment created at least 10 jobs before they are granted green cards, which allow permanent residence in the U.S.

The Brooklyn Navy Yard expansion is expected to create about 2,800 construction, film-studio and so-called green jobs. Besides the foreign investment, New York City is also paying an additional $81 million for infrastructure upgrades.