NYCRC FINANCING Print

NEW YORK CITY REGIONAL CENTER TO PROVIDE CAPITAL FOR THE CITY’S NEW PUBLIC WI-FI NETWORK

NYCRC to provide a $157.5 million loan to assist with the construction of New York City’s street level, high speed public broadband infrastructure network called LinkNYC

NEW YORK, NY – February 23, 2017 – The New York City Regional Center (“NYCRC”) is pleased to announce that it is providing a $157.5 million loan to CityBridge, the entity selected by the City of New York to oversee the construction of the City’s street level, high-speed public wireless infrastructure network called LinkNYC.  By replacing New York City’s system of public pay telephones with connection points called “Links”, CityBridge will transform the City’s physical streetscape and create a new above-ground Wi-Fi network. 

Links are state-of-the-art connection points that house wireless technology and interactive systems.  Each Link structure will provide 24/7 free Internet access; free phone calls to anywhere in the United States; a touchscreen tablet interface to access the Internet, as well as City government services and directions; access to 311 City information and 911 emergency calls; free high-speed charging stations for mobile devices; and digital displays for advertising and public service announcements.    

“This exciting initiative will revolutionize the City’s streetscape and deliver the fastest public Wi-Fi network in the world,” said Paul Levinsohn, Managing Principal of the NYCRC.  “We are honored to play a role in this effort.”

“The NYCRC is looking forward to helping fund the construction of this first-of-its-kind above-ground communications network,” added George L. Olsen, Managing Principal of the NYCRC.

The LinkNYC project is the result of a public-private partnership between the New York City Mayor’s Office of Technology and Innovation, the City of New York Department of Information Technology and Telecommunications and CityBridge, LLC a consortium of leading companies in technology, telecommunications, and advertising. 

About the NYCRC

The NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program.  The company was the first EB-5 regional center approved in New York City.  To date, the NYCRC has secured over $1.3 billion of capital for 20 economic development projects in Brooklyn, Queens, Manhattan, and the Bronx. 

Examples of projects utilizing loans provided by NYCRC-managed funds include the following:

  • redevelopment of the George Washington Bridge Bus Station in Washington Heights;
  • construction of a wireless infrastructure network in New York City’s subway stations; 
  • construction of Fresh Direct’s new food processing and distribution facility in the South Bronx;
  • redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park;
  • expansion of Steiner Studios, New York City’s largest film and television studio;
  • construction of the City Point development in Downtown Brooklyn;
  • construction of a hotel and medical office complex in Washington Heights; 
  • construction of key components of the Atlantic Yards redevelopment in Brooklyn;
  • expansion of the Hutchinson Metro Center in the Bronx; and,
  • the redevelopment of a new cargo facility at JFK International Airport

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