NYCRC MILESTONES Print

NEW YORK, NY – May 8, 2020 – The New York City Regional Center (NYCRC) is pleased to announce the full repayment of $17.5 million to EB-5 investors in its Upper Manhattan Mixed-Use Development offering.  The repayment coincides with issuance of the initial I-829 petition approvals from the offering enabling EB-5 investors and family members to receive permanent residency in the United States under the EB-5 Immigrant Investor Program.  The individuals in this offering are among the 4,910 individuals worldwide (1,683 I-829 petition approvals) who have received permanent green cards through NYCRC offerings to date.    

A NYCRC-managed fund provided a $17.5 million loan to an affiliate of Edge Property Group to assist with the construction of a 12-story, approximately 38,000 square foot mixed-use commercial building in Washington Heights to serve the needs of nearby Columbia University Medical Center and New York Presbyterian Hospital. The loan helped finance the construction of a 54-room hotel as well as approximately 15,000 square feet of medical office space. The development is located within the Upper Manhattan Empowerment Zone, one of nine empowerment zones established to revitalize distressed communities by using public funds and tax incentives as catalysts for private investment. NYCRC’s financing is helping to bring much needed medical offices space and hospitality options to Washington Heights.

“We are proud to announce the full repayment of $17.5 million of capital to EB-5 investors in this offering,” said Paul Levinsohn, NYCRC Managing Principal.  “Our thanks to Edge Property Group for their professionalism as well as the respect they’ve shown the EB-5 investors.”

Over the past 12 years, the NYCRC has put over $1.5 billion of EB-5 capital to work across a broad spectrum of infrastructure and real estate projects in New York City.  Much of this capital has been invested in underserved areas in need of long-term economic growth.  Examples include:

• $767 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including seven projects totaling $339 million in the Brooklyn Navy Yard;
• $108.5 million to finance ground-up and redevelopment projects in Washington Heights (an Upper Manhattan Empowerment Zone); and,
• $220 million to finance ground-up construction in the Bronx.

“Since 2009, the NYCRC has been an important source of economic development financing in areas requiring significant investment,” said NYCRC Managing Principal George L. Olsen. “Capital from NYCRC offerings have created jobs for New Yorkers.”

The NYCRC announced the completion of project construction in 19 of its offerings to date.  These completed projects successfully utilized NYCRC EB-5 financing to assist in the construction of over 3.8 million square feet of new development and renovation as well as infrastructure upgrades.  Examples of completed projects utilizing EB-5 capital from NYCRC-managed funds include the following:

• A new wireless infrastructure network in New York City’s subway stations; 
• Redevelopment of a new cargo and animal care facility at John F. Kennedy International Airport;
• New soundstages and production support space at Steiner Studios, New York City’s largest film and television studio;
• Fresh Direct’s new headquarters in the South Bronx;
• Redevelopment of multiple unused buildings and surrounding infrastructure upgrades in the Brooklyn Navy Yard, New York City’s largest industrial park;
• City Point retail complex in Downtown Brooklyn;
• A new hotel and medical office complex in Washington Heights; 
• A new Wegman’s supermarket and industrial buildings in Brooklyn; and,
• Expansion of the Hutchinson Metro Center in the Bronx.

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