NYCRC MILESTONES Print

NEW YORK, NY – May 28, 2019 – The New York City Regional Center (“NYCRC”) is pleased to announce the first I-829 petition approvals issued to EB-5 investors participating in its Manhattan Lower East Side Development project offering.  I-829 petition approvals have now been issued in ten NYCRC offerings.  To date, 1,610 I-829 approvals have been issued in NYCRC offerings resulting in 4,680 individuals (EB-5 investors and family members) achieving permanent residency in the United States. 

The issuance of the I-829 petition approval removes the conditional status and deems the EB-5 investor to be a lawful permanent resident of the United States.  Permanent residence permits EB-5 investors to live and work anywhere in the United States, and be protected by the laws of the United States.  An EB-5 investor’s spouse and children are also authorized to live, work and attend school anywhere in the United States.

“We congratulate our EB-5 investors on these recently issued I-829 petition approvals,” said Paul Levinsohn, Managing Principal of the NYCRC.  “EB-5 investors have now received I-829 approvals in ten of our offerings.”

“Achieving over 1,600 I-829 petition approvals is a significant achievement for our company and our EB-5 investors and their families,” added George L. Olsen, Managing Principal of the NYCRC.  “We extend our best wishes to them on their continued journey in the United States.”

The issuance of these new I-829 petition approvals represents the latest round of approval milestones for the NYCRC. Other examples include helping secure conditional residency in the United States for 5,950 EB-5 investors and family members and I-526 petition approvals for 2,891 EB-5 investors.

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 put over $1.5 billion of capital to work across a broad spectrum of infrastructure and real estate projects in New York City.   Examples of projects utilizing loans provided by NYCRC-managed funds include the following:

• redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park;
• redevelopment of the George Washington Bridge Bus Station in Washington Heights;
• construction of a wireless infrastructure network in New York City’s subway stations; 
• redevelopment of a new cargo facility at JFK International Airport;
• construction of Fresh Direct’s new food processing and distribution facility in the South Bronx;
• 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,
• construction of the LinkNYC Wi-Fi infrastructure network on the streets of New York City. 

For more information about the NYCRC, please visit www.nycrc.com.

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