New York City Regional Center Announces Project Approval for its Fresh Direct Project (Phase II)
Issuance represents 21st I-924 application approval for New York City Regional Center EB-5 project offerings
The New York City Regional Center ("NYCRC") is pleased to announce that United States Citizenship Immigration Services ("USCIS") has issued an I-924 application approval for its Fresh Direct Project (Phase II). This is the twenty-first (21st) I-924 approval received for NYCRC project offerings. The NYCRC has a 100% I-924 approval rating.
The Fresh Direct Project (Phase II) includes the second phase of construction of Fresh Direct's new 600,000+ square foot headquarters in New York City. The NYCRC previously provided $85 million of EB-5 capital for the first phase which is now complete.
"We are very pleased to receive an I-924 approval in our Fresh Direct Project (Phase II) from USCIS - our 21st project approval," said Paul Levinsohn, Managing Principal of the NYCRC. "This I-924 approval is an important milestone for a critical project in New York City. We are also pleased that an I-526 petition approval has been issued in this project. Congratulations to our EB-5 investors."
This project approval comes after the NYCRC recently announced the issuance of the 4,600th permanent green card for EB-5 investors and investors in NYCRC project offerings. A total of $125 million has now been repaid to 250 EB-5 investors in NYCRC's initial two offerings.
The NYCRC is currently raising $55 million of EB-5 capital (110 investors) for the approved Fresh Direct Project (Phase II). The second phase of construction includes the build-out of an additional 225,000 square feet of manufacturing, operations, and corporate space in the new headquarters to allow Fresh Direct to manage up to $1.4 billion of annual sales revenue. Construction of the second phase has begun and is ongoing. Significant dollars have already been spent on construction of this second phase.
"We are excited to be working on our second project offering with Fresh Direct, the largest, independent, full-service online food grocer in the United States and the premier internet food grocer in New York City," added Mr. Levinsohn.
About New York City Regional Center
The NYCRC was approved by USCIS in 2008 to secure foreign investment for real estate and infrastructure projects within Brooklyn, Queens, Manhattan, and the Bronx under the EB-5 Immigrant Investor Program. The NYCRC was the first EB-5 regional center approved in New York City. To date, the NYCRC has secured approximately $1.5 billion of EB-5 capital for 21 economic development projects throughout the city.
In addition to helping fuel economic development in New York City, NYCRC projects have produced thousands of immigration approvals for its EB-5 investors and family members. These include:
- Over 4,600 permanent green cards
- Over 5,550 conditional green cards
- Over 1,580 I-829 petition approvals
- Over 2,460 I-526 petition approvals
In addition to seven projects in the Brooklyn Navy Yard, the NYCRC has provided EB-5 capital to assist with the redevelopment of the George Washington Bridge Bus Station and the construction of a wireless infrastructure network in New York City's subway stations. The NYCRC has provided EB-5 capital for the redevelopment of a new cargo facility at JFK International Airport and the construction of Fresh Direct's new headquarters in the South Bronx. NYCRC funding is also being used for construction of the City Point development in downtown Brooklyn, a new medical office/hotel complex in Washington Heights, and the expansion of the Hutchinson Metro Center in the Bronx. The NYCRC also secured EB-5 capital to help fund the construction of LinkNYC, the public-private initiative that is bringing the nation's largest and fastest public Wi-Fi network to the streets of New York City.
Mentions
- New York City Regional Center
- U.S. Citizenship and Immigration Services
- The George Washington Bridge Bus Station and Infrastructure Project
- NYC Subway Infrastructure Development Fund
States
- New York
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I would be interested to know how NYCRC projects have resulted in over 4,600 permanent green cards but only returned funds to 250 investors. Perhaps there was a misstatement in the article.