USCIS issues I-829 petition approvals to EB-5 investors in NYCRC’s New York City East River Waterfront Project

NEW YORK, NY – September 26, 2015 – 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 New York City East River Waterfront Project.  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 issuance of these new I-829 approvals represents the latest round of approval milestones for the NYCRC, the leading regional center in the United States.  Over the past five years, no other regional center has achieved the NYCRC’s level of accomplishment:

  • 14 previous EB-5 projects approved by USCIS
  • 2,096 I-526 petition approvals
  • 4,658 conditional green cards issued
  • 100% approval rating on I-829 petitions
  • 1,950 permanent green cards issued

“The issuance of the first I-829 petition approvals in the New York City East River Waterfront Project is another major milestone for the NYCRC.  These new approvals will add to the over 1,950 individuals who have already received permanent residency through NYCRC projects,” said NYCRC Managing Principal Paul Levinsohn.

“The NYCRC is helping to spur job creation and economic development throughout New York City while also assisting families begin a new life in America.  We look forward to continuing our track record of well-structured, professional EB-5 offerings.  We send our congratulations to these investors,” 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 will also provide capital to assist with the construction of a wireless infrastructure network in select New York City underground subway stations as well as a new food processing and distribution center in the Bronx. 

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