The NYCRC was Established in 2008, the New York City Regional Center (NYCRC) provides financing for job-creating real estate projects in New York City.The NYCRC has raised over $1.2 billion of capital to help fund a series of critical public/private developments in Brooklyn, Queens, Manhattan and the Bronx.
The NYCRC was approved by the United States Citizenship and Immigration Services (USCIS), a division of the United States Department of Homeland Security, to raise capital via the EB-5 program. Congress created the EB-5 program to stimulate economic development through foreign investment. The program’s mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors the opportunity to become lawful permanent residents of the United States.
Since its designation by USCIS, the NYCRC has worked closely with economic development agencies and governmental entities, as well as private developers designated by such government entities, to provide loans for real estate projects in New York City that create jobs in areas of high unemployment.
Examples of projects utilizing loans provided by NYCRC-managed funds include the following:
the redevelopment of the Brooklyn Navy Yard, New York City’s leading industrial park the expansion of Steiner Studios, the city’s largest film and television production facility the redevelopment of the George Washington Bridge Bus Station the rehabilitation of two New York City historic landmark buildings along Lower Manhattan’s waterfront – the Battery Maritime Building and Pier A the development of City Point in Downtown Brooklyn key components of the Atlantic Yards redevelopment project the expansion of the Hutchinson Metro Center in the Bronx the construction of new mixed-use buildings in both Washington Heights and the Lower East Side the construction of a wireless infrastructure network in select underground New York City subway stationsWhile helping to spur economic development and job creation over the past six years, the NYCRC has worked diligently to conduct itself in a manner that respects both Congressional objectives for the EB-5 program as well as the interests of USCIS and the Department of Homeland Security.
To date, 100% of NYCRC project offerings have been approved by USCIS. NYCRC investor approval statistics are as follows:
2,089 EB-5 investors have received I-526 approvals 4,658 EB-5 investors and family members have been granted conditional residency status 629 EB-5 investors have received I-829 approvals 1,867 EB-5 investors and family members have been granted permanent residency statusOver 2,200 individuals from 20 different countries have invested in NYCRC project offerings to date. These countries include Brazil, Canada, China, Egypt, Germany, Great Britain, India, Indonesia, Italy, Japan, Macau, Mexico, Nepal, Netherlands, Nigeria, Russia, S. Korea, Taiwan, Turkey, and Venezuela.