PRESS RELEASES - NYCRC FINANCING Print

NYCRC TO PROVIDE FUNDING TO TRANSIT WIRELESS

NYCRC to provide a $75 million loan to assist with the construction of a wireless infrastructure network in New York City’s subway system

NEW YORK, NY – June 1, 2014 – The New York City Regional Center (“NYCRC”) is pleased to announce that it will provide a $75 million loan to Transit Wireless, the company selected by the Metropolitan Transportation Authority (“MTA”) and the New York City Transit Authority to oversee the construction, operation, and maintenance of a wireless infrastructure network in New York City’s subway system.  The loan will facilitate the construction of wireless voice and data communication infrastructure in select underground subway stations.  The construction of the wireless infrastructure network will allow full cell phone and Wi-Fi connectivity in stations, enabling voice and data functions such as phone calls, text messages, emails, music, and video streaming.  The new wireless system will also enable services that improve safety and security by allowing dispatchers to know when a call is being placed underground and the approximate location of the caller.  MTA employees and first responders will also have the opportunity for enhanced communications capability in an emergency.  The new wireless infrastructure network will assist MTA transit officers, New York City Police Department, and other New York City government entities better serve riders of the subway system. 

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, New York City’s largest industrial park, as well as funding to assist with the expansion of Steiner Studios, the city’s largest film and television production facility.  The NYCRC has also provided capital for key components of the Atlantic Yards project as well as the redevelopment of Downtown Brooklyn’s central business district.  The NYCRC is assisting with the redevelopment of the George Washington Bridge Bus Station and the continuing efforts to revitalize Lower Manhattan’s waterfront and the business corridors in Washington Heights and the Bronx.  

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