NEW YORK, March 4, 2019 /PRNewswire/ -- The New York City Regional Center ("NYCRC") is pleased to announce that construction of projects in eighteen (18) of its EB-5 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 the continued transformation of the bus station into a modern transit and retail hub. The development has brought new construction and permanent jobs to the community as well as increased retail options to Washington Heights.
The NYCRC is also pleased to announce that a total of $224 million in capital has now been repaid to EB-5 investors in previous NYCRC offerings. In addition, 4,672 individuals worldwide have secured permanent green cards through NYCRC EB-5 offerings.
Permanent residency 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 under age 21 are also authorized to live, work, and attend school anywhere in the United States.
"We are proud to announce the completed construction of 18 projects as well as the repayment of $224 million of capital to EB-5 investors in our previous offerings," said Paul Levinsohn, NYCRC Managing Principal. "The NYCRC takes seriously our role in spurring job creation and economic development as well as our responsibility to assist our EB-5 investors and their families achieve their immigration goals."
"This is an exciting achievement for the NYCRC and, of course, for our Indian investors," said Gregg Hayden, NYCRC's Director of Global Markets. "We look forward to assisting many more Indian citizens in the future."
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.
For more information about the NYCRC, please visit www.nycrc.com.