I-829 Petition Approvals in the Brooklyn Arena and Transportation Infrastructure Project

NEW YORK, Aug. 8, 2014 /PRNewswire/ -- The New York City Regional Center ("NYCRC") (www.nycrc.com) is pleased to announce that the United States Citizenship Immigration Services ("USCIS") has  issued the first twenty I-829 petition approvals to EB-5 investors participating in the NYCRC's Brooklyn Arena and Transportation Infrastructure Project. The issuance of the I-829 petition approval removes the conditional status and deems the 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 investor's spouse and children are also authorized to live, work and attend school anywhere in the United States.

USCIS approved the Brooklyn Arena and Transportation Infrastructure Project as a permissible EB-5 project on September 23, 2010. To date, all 456 EB-5 investors in the offering have received I-526 petition approvals from USCIS. Moreover, the federal government has issued 1,325 conditional green cards to investors and family members. 

"The issuance of these I-829 petition approvals in the Brooklyn Arena and Transportation Infrastructure Project is another milestone for the NYCRC. These new approvals will add to the over 500 individuals who have already received permanent residency through NYCRC projects," said NYCRC Managing Principal Paul Levinsohn.

"The NYCRC is helping to spur job creation and economic development throughout New York City while also assisting families begin a new life in America. We look forward to continuing our track record of well-structured, professional EB-5 offerings. We send our congratulations to these investors," added NYCRC Managing Principal George L. Olsen.

The Brooklyn Arena and Transportation Infrastructure Project involved the construction of specific components of Brooklyn's Atlantic Yards development. EB-5 capital was loaned to an affiliate of Forest City Enterprises (NYSE: FCE.A, FCE.B), the real estate company designated by the State of New York to oversee the Atlantic Yards development. The loan assisted with the construction of specific components of the overall development, examples of which included: the Barclays Center Arena; a new subway station entrance within 100 feet of the arena; an outdoor public plaza outside the arena; the demolition and reconstruction of the Carlton Avenue Bridge; an on-grade parking facility; and the excavation, removal, rerouting, and upgrading of water and sewer lines.

The NYCRC was approved by USCIS in 2008 to secure EB-5 investment in real estate projects within Brooklyn, Queens, Manhattan, and the Bronx. The NYCRC was the first regional center approved in New York City. The NYCRC works in conjunction with the government and designated developers to fund critical economic development projects 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 will also provide capital to assist with the construction of a wireless infrastructure network in select New York City underground subway stations. 

SOURCE The New York City Regional Center