NYCRC to provide an $80 million loan to assist the construction of a mixed-use development in Manhattan's Lower East Side

NEW YORK, NY – May 1, 2014 – The New York City Regional Center (“NYCRC”) is pleased to announce that it will provide an  $80 million loan to a joint venture affiliate of The Witkoff Group and the Ian Schrager Company.  The loan will assist with the construction of a new 28-story, approximately 255,000 square foot mixed-use commercial building that will contain a 374-room hotel as well as residential condominium units. The development is part of the continued revitalization of Manhattan’s Lower East Side. 

The NYCRC was approved by the United States Citizenship and Immigration Services (USCIS) in 2008 to secure foreign investment for real estate projects within Brooklyn, Queens, Manhattan, and the Bronx.  NYCRC is the first regional center approved in New York City.  The NYCRC works in conjunction with the government and private developers to fund critical economic development projects in New York City. 

NYCRC has become an important contributor to New York City’s economic revitalization by helping to fund a series of public/private real estate projects that create much needed jobs.  NYCRC projects include EB-5 funding to assist with the redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park, as well as funding to assist with the expansion of Steiner Studios, the city’s largest film and television production facility.  The NYCRC has also provided capital for key components of the Atlantic Yards project as well as the redevelopment of Downtown Brooklyn’s central business district.  The NYCRC is assisting with the redevelopment of the George Washington Bridge Bus Station and the continuing efforts to revitalize Lower Manhattan’s waterfront and the business corridors in Washington Heights and the Bronx.  

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