NYCRC MILESTONES Print
NEW YORK CITY REGIONAL CENTER ANNOUNCES PROJECT APPROVAL FOR ITS BROOKLYN NAVY YARD REDEVELOPMENT PROJECT (PHASE III)
NEW YORK, NY – December 28, 2016 – The New York City Regional Center (“NYCRC”) is pleased to announce that United States Citizenship Immigration Services (“USCIS”) has issued an I-924 petition approval for the Brooklyn Navy Yard Redevelopment Project (Phase III). This is the sixteenth (16th) approval received for NYCRC projects. The NYCRC has a 100% I-924 approval rating on its projects.
This project approval comes a week after the NYCRC announced the full repayment of the $60 million EB-5 loan in its first project in the Brooklyn Navy Yard. All 120 EB-5 investors in that project are receiving full repayment of their $500,000 investment. The $60 million EB-5 investment and resulting job creation enabled 359 individuals (EB-5 investors and family members) to receive permanent green cards. They are among the more than 2,400 individuals who have received permanent green cards through NYCRC projects to date.
“We are very pleased to receive our 16th project approval,” said Paul Levinsohn, Managing Principal of the NYCRC. “Our EB-5 investors and their families have had tremendous success in the Brooklyn Navy Yard, New York City’s largest industrial park. This approval marks the 5th I-924 petition approval received for projects inside the Navy Yard.”
“We are also thrilled that our first loan in the Brooklyn Navy Yard has been repaid,” added George L. Olsen, Managing Principal of the NYCRC. “This repayment and the hundreds of individuals who achieved permanent residency are major milestones for the NYCRC and, of course, for our EB-5 investors and their families.”
In addition to helping fuel economic development in New York City, NYCRC projects have produced thousands of immigration approvals for its EB-5 investors and family members. These include:
- Over 2,400 permanent green cards
- Over 5,000 conditional green cards
- Over 2,340 I-526 petition approvals
- Over 800 I-829 petition approvals
“We are extremely proud of the NYCRC’s stellar track record over the past eight years,” said Mr. Levinsohn. “We look forward to continuing this success for our investors and their families.”
The NYCRC was approved by USCIS in 2008 to secure foreign investment for real estate and infrastructure projects within Brooklyn, Queens, Manhattan, and the Bronx under the EB-5 Immigrant Investor Program. The NYCRC was the first EB-5 regional center approved in New York City. To date, the NYCRC has secured over $1.3 billion of EB-5 capital for 21 economic development projects throughout the city.
In addition to projects in the Brooklyn Navy Yard, the NYCRC has provided EB-5 capital to assist with the redevelopment of the George Washington Bridge Bus Station and the construction of a wireless infrastructure network in New York City’s subway stations. The NYCRC is providing EB-5 capital for the redevelopment of a new cargo facility at JFK Airport and the construction of Fresh Direct’s new headquarters in the South Bronx. NYCRC funding is also being used for construction of the City Point development in downtown Brooklyn, a new medical office/hotel complex in Washington Heights, and the expansion of the Hutchinson Metro Center in the Bronx.
The NYCRC is currently securing EB-5 capital to help fund the construction of LinkNYC, the public-private initiative that is bringing the nation’s largest and fastest public Wi-Fi network to the streets of New York City.
For more information about the NYCRC, please visit us at www.nycrc.com
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