NYCRC MILESTONES Print

NEW YORK, NY – August 13, 2015 – The United States Citizenship and Immigration Services (“USCIS”) today issued its 2,000^th I-526 Petition approval notice for EB-5 investors who have invested in New York City Regional Center (“NYCRC”) projects.  The I-526 Petition is the first step in the process for foreign investors seeking lawful permanent residence through the EB-5 Regional Center Program.  The I-526 Petition is filed together with accompanying evidence in support of the program’s requirements. 

This significant milestone is another example of the NYCRC’s stellar record of success.  Other examples include the following:

• 1,856 EB-5 investors and family members have been granted permanent green cards
• 4,658 EB-5 investors and family members have been granted conditional green cards
• 625 EB-5 investors have received I-829 approvals
• Over $1.2 billion of EB-5 funds raised

“This is an exciting milestone for the NYCRC.  We are working hard to help spur job creation and economic development throughout New York City while also assisting families begin a new life in America,” said NYCRC Managing Principal Paul Levinsohn.

“We look forward to continuing our track record of providing funding for critical real estate development projects in the city,” added NYCRC Managing Principal George L. Olsen.

The NYCRC was approved by the USCIS in 2008 to secure EB-5 investment in real estate projects within Brooklyn, Queens, Manhattan, and the Bronx.  The 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.  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 has also provided capital for key components of the Atlantic Yards project as well as the redevelopment of Downtown Brooklyn’s central business district.  NYCRC funding is being used to assist with the redevelopment of the George Washington Bridge Bus Station and the continuing efforts to revitalize Lower Manhattan’s waterfront and the Bronx and Washington Heights business corridors.  The NYCRC is  also providing capital to assist with the construction of a wireless infrastructure network in select New York City underground subway stations. 

###