Issuance represents 20th I-924 application approval for New York City Regional Center EB-5 project offerings

NEW YORK, NY – September 8, 2017 – The New York City Regional Center (“NYCRC”) is pleased to announce that United States Citizenship Immigration Services (“USCIS”) has issued an I-924 application approval for its Steiner Brooklyn Navy Yard Redevelopment Project III.This is the twentieth (20th) I-924 approval received for NYCRC project offerings.The NYCRC has a 100% I-924 approval rating.

The Steiner Brooklyn Navy Yard Redevelopment Project III includes the next phase of redevelopment at the government-owned Brooklyn Navy Yard, the largest industrial park in New York City. The redevelopment of the City of New York-owned Brooklyn Navy Yard is part of the government’s effort to create jobs, spur economic growth, and revitalize neighborhoods.

“We are very pleased to receive an I-924 approval in our Steiner Brooklyn Navy Yard Redevelopment Project III from USCIS, our 20th project approval” said Paul Levinsohn, Managing Principal of the NYCRC.“This I-924 approval is an important milestone for a critical project for New York City.We are also pleased that an I-526 petition approval has been issued in this project.Congratulations to our EB-5 investors.”

This project approval comes after the NYCRC recently announced in August the issuance of the 1,500th I-829 petition approval for EB-5 investors in NYCRC project offerings. In July, the NYCRC announced the repayment of the $65 million EB-5 loan in the first Steiner project.A total of $125 million has now been repaid to 250 EB-5 investors in NYCRC’s initial two offerings.

The NYCRC is currently raising $50 million of EB-5 capital (100 investors) for the approved Steiner Brooklyn Navy Yard Redevelopment Project III, the 3rd project involving Steiner and the 7th NYCRC project in the government-owned Navy Yard.  In addition to the recent loan repayment, EB-5 investors have had tremendous success on the two previous Steiner projects including 289 I-526 petition approvals and 121 I-829 petition approvals. 

“We are happy to be working on our third offering with Steiner”, added Mr. Levinsohn.  “We are very proud that Steiner’s first $65 million loan was repaid this summer to 130 EB-5 investors.  Our thanks to Doug Steiner and the entire Steiner team for their professionalism and the respect they’ve always shown the EB-5 investors.”

In addition to helping fuel economic development in New York City, NYCRC projects have produced thousands of immigration approvals for its EB-5 investors and family members. These include:

  • Over 4,400 permanent green cards
  • Over 5,400 conditional green cards 
  • Over 1,500 I-829 petition approvals
  • Over 2,400 I-526 petition approvals

The NYCRC was approved by USCIS in 2008 to secure foreign investment for real estate and infrastructure projects within Brooklyn, Queens, Manhattan, and the Bronx under the EB-5 Immigrant Investor Program.  The NYCRC was the first EB-5 regional center approved in New York City.  To date, the NYCRC has secured approximately $1.4 billion of EB-5 capital for 21 economic development projects throughout the city.  

In addition to seven projects in the Brooklyn Navy Yard, the NYCRC has provided EB-5 capital to assist with the redevelopment of the George Washington Bridge Bus Station and the construction of a wireless infrastructure network in New York City’s subway stations.  The NYCRC has provided EB-5 capital for the redevelopment of a new cargo facility at JFK International Airport and the construction of Fresh Direct’s new headquarters in the South Bronx.  NYCRC funding is also being used for construction of the City Point development in downtown Brooklyn, a new medical office/hotel complex in Washington Heights, and the expansion of the Hutchinson Metro Center in the Bronx. The NYCRC also secured EB-5 capital to help fund the construction of LinkNYC, the public-private initiative that is bringing the nation’s largest and fastest public Wi-Fi network to the streets of New York City. 

For more information about the NYCRC, please visit us at


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