NYCRC MILESTONES Print

NEW YORK, NY – December 9, 2019 – The New York City Regional Center (“NYCRC”) is pleased to announce that the first I-829 petition has been filed in the JFK International Airport Redevelopment Project.  I-829 petitions have now been filed in fifteen NYCRC offerings.  To date, 1,663 I-829 petition approvals have been issued in NYCRC offerings resulting in 4,841 individuals (EB-5 investors and family members) achieving permanent residency in the United States. 

The JFK International Airport Redevelopment Project (“Project”) includes a $35 million EB-5 loan used to assist with the redevelopment of Building 78 at JFK Airport, a previously vacant cargo facility, into a state-of-the-art cargo handling and United States Department of Agriculture-approved animal handling, quarantine, import, and export facility.  Construction of the Project is complete and the I-829 submission reflects that 1,343 jobs were created from construction of the Project, a significant surplus above the required 700 jobs. 

The Project’s newly constructed animal handling facility is now the most comprehensive airport-based animal handling facility in the United States. The redevelopment of Building 78 also provides much needed modernized space to support the extensive general cargo operations at JFK Airport.  The Project involves the Port Authority of New York & New Jersey, the nation’s largest bi-state authority, as well as Racebrook Portfolio Companies, the real estate company selected by the Port Authority of New York & New Jersey to undertake the redevelopment of Building 78.

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