EB-5 fund suing developers of long-stalled Westchester condo project

EB-5 fund suing developers of long-stalled Westchester condo project

EB-5 Visa, EB5 Visa, EB5 Investments

The Bronx overlayed with passport stamps 

Advantage America EB-5 Group filed a $5M suit against EMC Bronxville Metropolitan

A Manhattan-based visa investment fund is suing the developers of a condominium development in Westchester.

Advantage America EB-5 Group is seeking $5 million from EMC Bronxville Metropolitan, claiming the developer’s condo project is in default, Westfair Online reported.

EMC’s condo development has been stalled for years. The idea of converting the former warehouse into 61 luxury loft-style apartments was first floated when Metropolitan Life Insurance Company sold its premises at 759 Palmer Road in 2006.

In order to help get the plan off the ground, Advantage American brought an undisclosed number of EB-5 investors to the Bronxville development and provided EMC — then known as MetLoft — with $5 million in 2015.

But the developer now appears to be in default, with its contractors having filed an involuntary petition to bring EMC into bankruptcy.

Two months ago, on June 22, the project’s architect, Thomas E. Haynes; an engineer, Werner Tietjen; and Hall Heating & Cooling Service filed a motion to recover $201,678 in owed expenses. On July 23, the White Plains bankruptcy court relabeled the case as a bankruptcy procedure, providing EMC with the opportunity to reorganize and pay its creditors over time.

Extended by Congress earlier this year, the EB-5 visa program grants permanent residency to foreign nationals who invest at least $500,000 toward job-creating enterprises.




  • New York

Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.