New York, NY, Sept. 26, 2023 (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 Steiner Brooklyn Navy Yard Redevelopment Project III offering (“Project”). I-829 petition approvals have now been issued in 16 NYCRC offerings. To date, 1,875 I-829 approvals have been issued to investors in NYCRC offerings resulting in 5,402 individuals (EB-5 investors and family members) achieving permanent residency in the United States.
The issuance of the 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 Project included the next phase of redevelopment at the Brooklyn Navy Yard, New York City’s largest industrial park. The Project involved the redevelopment of the Admirals Row section of the Navy Yard, a six-acre site situated at the southwest corner of the industrial park. The redevelopment helped transform this section of the Navy Yard into a new commercial and industrial center that is critical to both the Navy Yard and those communities adjacent to the industrial park. The Project included construction of the first Wegmans supermarket in New York City as well as light industrial space leased to the Brooklyn Navy Yard Development Corporation.
Construction of the Project is complete and all $50 million of EB-5 capital was spent on qualified construction expenditures. The I-829 petition submission reflects that 1,515 jobs were created from construction-related activity.
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. To date, 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:
- $811 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including eight projects totaling $383 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.
In addition, since 2016, a NYCRC-managed entity has received five separate new market tax credit awards from the U.S. Department of Treasury totaling $210 million. These allocations have provided a unique opportunity for the NYCRC to broaden its mission of providing financing that creates jobs and stimulates community revitalization in underserved areas of New York City. Previous new market tax credit capital has gone towards development projects that typically face financing challenges, such as health care centers, charter schools, and community facilities. These tax credit allocations are among the first managed by an EB-5 regional center.
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