PRESS RELEASES - NYCRC FINANCING Print
NYCRC TO PROVIDE FUNDING FOR THE CITY POINT DEVELOPMENT
NEW YORK, NY – April 10, 2012 – The New York City Regional Center (“NYCRC”) is pleased to announce that it will provide a $200 million loan to an affiliate of Acadia Realty Trust (NYSE: AKR), the real estate company designated by the New York City Economic Development Corporation to assist with a key phase in the redevelopment of Downtown Brooklyn. The loan is assisting with the construction of an approximately 1.2 million gross square foot retail and residential complex known as City Point which is located on the largest City of New York-owned site in Downtown Brooklyn. The retail component of the complex will consist of five levels above ground and two levels below ground with a total gross square footage of approximately 650,000. The City Point site is adjacent to the city’s second busiest transportation hub.
The New York City Department of City Planning and the New York City Economic Development Corporation adopted the Downtown Brooklyn Plan, which supports and guides the growth and development of the area through a series of zoning changes and public improvements. The City Point development will accomplish many of the core strategies of the plan’s vision to enhance Downtown Brooklyn’s commercial, retail, and residential mix.
“The $200 million of EB-5 funding in this project is essential to ensure the continued construction and completion of one of New York City’s most critical job creating developments and a vital component of the continued redevelopment of Downtown Brooklyn,” said Kenneth F. Bernstein, President and Chief Executive Officer of Acadia Realty Trust.
“The NYCRC is proud to provide funding to assist with the construction of this important development initiative in Brooklyn’s central business district,” said Paul Levinsohn, Managing Principal of the NYCRC.
“The City Point development will be a transformative project for Downtown Brooklyn for generations to come,” added George L. Olsen, Managing Principal of the NYCRC.
The NYCRC was approved by the United States Citizenship and Immigration Services (USCIS) in 2008 to secure foreign investment for real estate projects within Brooklyn, Queens, Manhattan, and the Bronx. NYCRC is the first regional center approved in New York City. The NYCRC works in conjunction with the government and designated developers to fund critical economic development projects in New York City. The NYCRC has become an important contributor to New York City’s economic revitalization by helping to fund a series of public/private real estate projects that are creating much needed jobs.
NYCRC projects include EB-5 funding to assist with the redevelopment of the Brooklyn Navy Yard, the largest industrial park in New York City and the expansion of Steiner Studios, the city’s largest film and television production facility. The NYCRC is also providing capital for key components of the Atlantic Yards development as well as the redevelopment of the George Washington Bridge Bus Station and the renovation of the historic Battery Maritime Building and Pier A along Lower Manhattan’s waterfront.
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