New York, NY, March 04, 2019 (GLOBE NEWSWIRE) -- The New York City Regional Center (“NYCRC”) is pleased to announce that construction of projects in eighteen (18) of its offerings is now complete. These completed projects have successfully utilized NYCRC EB-5 financing to assist in the construction of over 3.8 million square feet of new development and renovation as well as infrastructure upgrades resulting in thousands of new jobs for New Yorkers.
The latest completed project utilizing EB-5 capital from NYCRC managed funds involved the next phase of redevelopment of the George Washington Bridge Bus Station, an important New York City transportation facility. Through two EB-5 offerings, the NYCRC provided $91 million of EB-5 capital to assist with the continued transformation of the bus station into a modern transit and retail hub. The redevelopment has brought new construction and permanent jobs to the community as well as increased retail options to Washington Heights.
Over the past 10 years, the NYCRC has put over $1.5 billion of EB-5 capital to work across a broad spectrum of infrastructure and real estate projects in New York City. Much of this capital has been invested in underserved areas of New York City in need of long-term economic growth. Examples include:
- $220 million to finance ground-up construction in the Bronx;
- $108.5 million to finance ground-up and redevelopment projects in Washington Heights (an Upper Manhattan Empowerment Zone); and,
- $767 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including seven projects totaling $339 million in the Brooklyn Navy Yard.
Examples of some of the 18 completed projects utilizing EB-5 capital from NYCRC-managed funds include the following:
- A new wireless infrastructure network in New York City’s subway stations;
- Redevelopment of a new cargo and animal care facility at John F. Kennedy International Airport;
- New soundstages and production support space at Steiner Studios, New York City’s largest film and television studio;
- Online grocer Fresh Direct’s new headquarters in the South Bronx;
- City Point retail complex in Downtown Brooklyn;
- Redevelopment of multiple unused buildings and surrounding infrastructure upgrades in the Brooklyn Navy Yard, New York City’s largest industrial park;
- A new hotel and medical office complex in Washington Heights;
- Key components of the Atlantic Yards redevelopment in Brooklyn; and,
- Expansion of the Hutchinson Metro Center in the Bronx.
“We are pleased to announce that project construction in 18 NYCRC offerings is now complete,” said Paul Levinsohn, NYCRC Managing Principal. “The job creation resulting from millions of square feet of new development and infrastructure improvements is significant and we are proud to have helped finance this effort.”
In addition to helping fuel economic development throughout New York City, NYCRC offerings have enabled 4,672 individuals (EB-5 investors and immediate family members) to become permanent residents of the United States through the EB-5 Immigrant Investor Program.
“Helping secure over 4,600 permanent green cards and over 1,600 I-829 petition approvals are the result of 10 years of hard work on behalf of our investor families,” said George L. Olsen, NYCRC Managing Principal.
For more information about the NYCRC, please visit www.nycrc.com.
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