New York City Regional Center Announces I-829 Petition Approvals In Its Brooklyn Navy Yard Redevelopment Project IV
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 Brooklyn Navy Yard Redevelopment Project IV offering. I-829 petition approvals have now been issued in 20 NYCRC offerings. To date, 2,060 I-829 approvals have been issued to investors in NYCRC offerings resulting in 5,882 individuals (EB-5 investors and family members) achieving permanent residency in the United States.
An 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 21 are also authorized to live, work, and attend school anywhere in the United States.
The Brooklyn Navy Yard Redevelopment Project IV ("Project") involved a $30 million loan to the Brooklyn Navy Yard Development Corporation ("BNYDC"), the entity designated by the City of New York to oversee the government-owned industrial park. The EB-5 capital was to assist with the next phase of redevelopment of Building 77, the largest building in the Navy Yard at approximately one million square feet. Built in 1941, Building 77 was designated a free trade zone by the United States Customs Department. The Project included new interior and exterior construction work to allow for additional multi-tenant light industrial space in the building. The expanded space has allowed the BNYDC to lease to large companies and smaller tenants such as artisans, woodworkers, metal workers, and technology and creative companies. The Project continued the transformation of Building 77 into one of New York City's leading hubs for industrial, manufacturing, and technology tenants. The Project also included infrastructure work improvements that assisted in the redevelopment and operation of Building 77 and the continued redevelopment of the Navy Yard. Examples of infrastructure work included new water and sewer systems and upgrades to the electrical distribution system. Construction of the Project is complete.
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