New York, NY, June 13, 2017 (GLOBE NEWSWIRE) -- The New York City Regional Center (“NYCRC”) is pleased to announce the first I-829 petition approvals issued to EB-5 investors participating in its Bronx Medical Office Campus project offering. I-829 petition approvals have now been issued in each of the NYCRC’s first nine offerings. To date, 1,150 I-829 approvals have been issued in NYCRC offerings resulting in over 3,000 individuals (EB-5 investors and family members) achieving permanent residency in the United States.
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.
“We congratulate our EB-5 investors on these recently issued I-829 petition approvals,” said Paul Levinsohn, Managing Principal of the NYCRC. “EB-5 investors have now received I-829 approvals in our first nine offerings.”
“Achieving over 1,100 I-829 petition approvals is a significant achievement for our company and our EB-5 investors and their families,” added George L. Olsen, Managing Principal of the NYCRC. “We extend our best wishes to them on their continued journey in the United States.”
The issuance of these new I-829 petition approvals represents the latest round of approval milestones for the NYCRC. Other examples include helping secure conditional residency in the United States for 5,305 EB-5 investors and family members and I-526 petition approvals for 2,393 EB-5 investors.
About the NYCRC
The NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program. The company was the first EB-5 regional center approved in New York City. To date, the NYCRC has secured over $1.4 billion of capital for 21 economic development projects in Brooklyn, Queens, Manhattan, and the Bronx. Examples of projects utilizing loans provided by NYCRC-managed funds include the following:
- redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park;
- redevelopment of the George Washington Bridge Bus Station in Washington Heights;
- construction of a wireless infrastructure network in New York City’s subway stations;
- redevelopment of a new cargo facility at JFK International Airport;
- construction of Fresh Direct’s new food processing and distribution facility in the South Bronx;
- expansion of Steiner Studios, New York City’s largest film and television studio;
- construction of the City Point development in Downtown Brooklyn;
- construction of a hotel and medical office complex in Washington Heights;
- construction of key components of the Atlantic Yards redevelopment in Brooklyn;
- expansion of the Hutchinson Metro Center in the Bronx;
- construction of LinkNYC, the public-private initiative that is bringing the nation’s largest and fastest public Wi-Fi infrastructure network to the streets of New York City.
In addition to fueling economic development, NYCRC offerings have enabled over 3,000 individuals to become permanent residents of the United States through the EB-5 Immigrant Investor Program.
For more information about the NYCRC, please visit www.nycrc.com.