NYCRC MILESTONES Print

NEW YORK, NY – January 28, 2014 – The New York City Regional Center (“NYCRC”) is pleased to announce that the United States Citizenship Immigration Services (“USCIS”) has  issued the first I-829 petition approvals to EB-5 investors participating in the NYCRC’s Steiner Studios Expansion Project (Phase I).  The issuance of the I-829 petition approval removes the conditional status and deems the 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 investor’s spouse and children are also authorized to live, work and attend school anywhere in the United States.

The EB-5 program was established in 1991 by the United States Congress to stimulate economic development through foreign investment.  The program is administered by the USCIS, a division of the United States Department of Homeland Security.  The program’s mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors the opportunity to become lawful permanent residents of the United States.  Over the past decade, the EB-5 program has grown and become an effective economic development vehicle throughout the nation as well as a growing visa option for individuals and families from around the world. 

The NYCRC was approved by USCIS in 2008 to secure EB-5 investment in real estate projects within Brooklyn, Queens, Manhattan, and the Bronx.  NYCRC was 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 create much needed jobs and investment.  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 is also providing funding for key components of the Atlantic Yards project as well as the redevelopment of Downtown Brooklyn’s central business district.  NYCRC funding is also being used to assist with the redevelopment of the George Washington Bridge Bus Station and the continuing efforts to revitalize Lower Manhattan’s waterfront as well as developments in Washington Heights and the Bronx. 

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