NYCRC MILESTONES Print

NEW YORK, NY – March 27, 2017 – The New York City Regional Center (“NYCRC”) is pleased to announce that the United States Citizenship Immigration Services (“USCIS”) has  begun issuing I-829 petition approvals to EB-5 investors participating in NYCRC’s  New  York City Waterfront Project (Phase II) – Pier A Redevelopment.  This is the 8^th NYCRC project where I-829 petition approvals have been issued.  To date, 888 I-829 approvals have been issued to EB-5 investors in NYCRC projects.

The issuance of the I-829 petition approval removes the conditional status and deems the EB-5 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 EB-5 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. Other examples include the following:

• Over 2,500 EB-5 investors and family members have been granted permanent green cards
• Over  5,200 EB-5 investors and family members have been granted conditional green cards
• Over 2,360 EB-5 investors have received I-526 approvals
• 100% approval rating on I-829 petitions
• $60 million loan fully repaid to all 120 EB-5 investors in first project

The NYCRC was approved by the USCIS in 2008 to secure EB-5 investment in real estate and infrastructure projects within Brooklyn, Queens, Manhattan, and the Bronx.  The NYCRC was the first regional center approved 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 and along the city streets as well as the construction of a new food processing and distribution center in the Bronx.