$60M Comes to Navy Yard . . . Through Immigrants
Immigration brought $60 million to the first phase of redevelopment at Brooklyn Navy Yard, through the federal EB-5 Immigrant Investor Program, which rewards foreigners who make certain U.S. real estate investments with permanent green cards.
The $60 million EB-5 construction loan provided through The New York City Regional Center (NYCRC) was fully paid back Jan. 27. In turn, 359 foreign real estate investors and family members who invested in that loan have received permanent green cards.
To date, the NYCRC has secured over $1.3 billion of EB-5 capital for 21 economic development projects throughout the city, including 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. In turn, more than 2,400 individuals have received permanent green cards.
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