NEW YORK, Feb. 18, 2019 /PRNewswire/ -- The New York City Regional Center ("NYCRC") is pleased to announce that a total of $224 million in capital has now been repaid to EB-5 investors in previous NYCRC offerings. The resulting job creation from these previous offerings enabled 2,025 individuals (EB-5 investors and family members) to receive permanent residency in the United States under the EB-5 Immigrant Investor Program. They are among the more than 4,670 individuals worldwide who have received permanent green cards through NYCRC offerings to date.
"We are proud to announce the repayment of $224 million of capital to EB-5 investors in our previous offerings," said Paul Levinsohn, NYCRC Managing Principal. "These repayments coupled with the issuance of permanent residency in the United States for thousands of individuals, are major achievements for the NYCRC and, of course, for our EB-5 investors and their families."
In December, the NYCRC announced the completion of project construction in 17 of its EB-5 offerings. These completed projects 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 significant job creation for New Yorkers.
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 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.
"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," said NYCRC Director of Global Markets Gregg Hayden.
Examples of additional 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;
- Phase 1 redevelopment of the George Washington Bridge Bus Station in Washington Heights;
- 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.
For more information about the NYCRC, please visit www.nycrc.com.