NYCRC MILESTONES Print

NEW YORK, NY – May 10, 2017 – 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 its  Brooklyn Navy Yard Redevelopment Project (Phase IV).  This is the nineteenth (19^th) I-924 approval received for NYCRC projects.  The NYCRC has a 100% I-924 approval rating on its projects. 

The Brooklyn Navy Yard Redevelopment Project (Phase IV) includes the next phase of redevelopment at the government-owned Brooklyn Navy Yard, the largest industrial park in New York City. The redevelopment of the City of New York-owned Brooklyn Navy Yard is part of the government’s effort to create jobs, spur economic growth, and revitalize neighborhoods.

“We are very pleased to receive an I-924 approval of our Brooklyn Navy Yard Redevelopment Project (Phase IV) from USCIS,” said Paul Levinsohn, Managing Principal of the NYCRC.  “This is an important milestone for a critical project for New York City.  Congratulations to our EB-5 investors.”

This project approval comes after the NYCRC recently announced the issuance of the 1,000^th I-829 petition approval for EB-5 investors in NYCRC projects.  In December, the NYCRC announced the full repayment of the $60 million loan to 120 EB-5 investors in its first project in the Brooklyn Navy Yard. 

The NYCRC has recently launched its 7^th project in the Brooklyn Navy Yard, The Steiner Brooklyn Navy Yard Redevelopment Project (III).   Hundreds of EB-5 investors have received permanent residency in the United States through previous NYCRC projects in the Navy Yard.

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 3,000 permanent green cards
• Over 5,200 conditional green cards 
• Over 2,370 I-526 petition approvals
• Over 1,000 I-829 petition approvals

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 approximately $1.4 billion of EB-5 capital for 21 economic development projects throughout the city.  

In addition to seven 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 also secured 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. 

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