New York, NY, May 16, 2024 (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 Brooklyn Navy Yard Redevelopment Project IV offering. I-829 petition approvals have now been issued in 20 NYCRC offerings. To date, 2,060 I-829 approvals have been issued to investors in NYCRC offerings resulting in 5,882 individuals (EB-5 investors and family members) achieving permanent residency in the United States.
An 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 individuals 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 under the age of 21 are also authorized to live, work, and attend school anywhere in the United States.
The Brooklyn Navy Yard Redevelopment Project IV (“Project”) involved a $30 million loan to the Brooklyn Navy Yard Development Corporation (“BNYDC”), the entity designated by the City of New York to oversee the government-owned industrial park. The EB-5 capital was to assist with the next phase of redevelopment of Building 77, the largest building in the Navy Yard at approximately one million square feet. Built in 1941, Building 77 was designated a free trade zone by the United States Customs Department. The Project included new interior and exterior construction work to allow for additional multi-tenant light industrial space in the building. The expanded space has allowed the BNYDC to lease to both large companies as well as smaller tenants such as artisans, woodworkers, metal workers, and technology and creative companies. The Project continued the transformation of Building 77 into one of New York City’s leading hubs for industrial, manufacturing, and technology tenants. The Project also included infrastructure work improvements that assisted in the redevelopment and operation of Building 77 and the continued redevelopment of the Navy Yard. Examples of infrastructure work included new water and sewer systems and upgrades to the electrical distribution system. Construction of the Project is complete.
About NYCRC
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 regional center approved in New York City. Over the past 16 years, NYCRC has put over $1.5 billion of 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 in need of long-term economic growth. Examples include:
- $813 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including eight projects totaling $385 million in the Brooklyn Navy Yard;
- $108.5 million to finance ground-up and redevelopment projects in Washington Heights (an Upper Manhattan Empowerment Zone);
- $232.5 million to finance the construction of a public high-speed wireless infrastructure network in New York City subway stations and along city streets; and,
- $220 million to finance ground-up construction in the Bronx.
Since 2016, a NYCRC-managed entity also received six separate New Market Tax Credit allocation awards totaling $265 million from the U.S. Department of Treasury. These awards afford a unique opportunity for NYCRC to broaden its mission of providing financing to underserved areas of New York City. Tax credit allocations helped fund construction of eight new charter schools in Brooklyn, Harlem, and the Bronx, redevelopment of community healthcare and athletic facilities throughout the city, as well as construction of the National Urban League’s new headquarters in Harlem which includes New York City’s first civil rights museum.
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