NYCRC MILESTONES Print

NEW YORK, NY – October 26, 2015 – The New York City Regional Center (“NYCRC”) is pleased to announce that all investors in its Brooklyn Navy Yard Project (Phase I) have now received I-829 Petition approvals.  The Brooklyn Navy Yard Project (Phase I) was the first of NYCRC’s 18 projects to date.  The I-829 Petition approvals have resulted in the issuance of 334 permanent green cards to EB-5 investors and family members in this project. 

The issuance of a permanent green card 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 I-829 approvals for all EB-5 investors in the Brooklyn Navy Yard Project (Phase I) is another example of NYCRC’s track record of success over the past six years.  To date, 100% of NYCRC project offerings have been approved by USCIS.   NYCRC investor approval statistics are as follows:

• 2,121 EB-5 investors have received I-526 approvals
• 4,658 EB-5 investors and family members have been granted conditional residency status
• 721 EB-5 investors have received I-829 approvals
• 2,086 EB-5 investors and family members have been granted permanent residency status

“We are very pleased that all investors in the Brooklyn Navy Yard Project (Phase I) have now received I-829 Petition approvals.  This is a major milestone for the NYCRC and, of course, our investors and their family members.  We are extremely focused on the immigration goals of our investors and will continue to work hard to make these goals a reality,” said NYCRC Managing Principal Paul Levinsohn.  “The NYCRC is helping to spur job creation and economic development in New York City while also assisting families begin a new life in America,” Mr. Levinsohn added.

The NYCRC was approved by the United States Citizenship and Immigration Services (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. 

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.  NYCRC is also providing capital to assist with the construction of a wireless infrastructure network in select New York City underground subway stations. 

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