EB-5 capital used to assist the second phase of construction related to the redevelopment of the largest building in the Brooklyn Navy Yard

NEW YORK, NY – August 6, 2020 – The New York City Regional Center (“NYCRC”) is pleased to announce that the first I-829 petitions have been filed in the Brooklyn Navy Yard Redevelopment Project (Phase IV) (“EB-5 Project”).  I-829 petitions have now been filed in 19 NYCRC offerings.  To date, 1,733 I-829 petition approvals have been issued in NYCRC offerings resulting in 5,021 individuals (EB-5 investors and family members) achieving permanent residency in the United States. 

The EB-5 Project included the second phase of construction related to the redevelopment of Building 77, the largest building in the Brooklyn Navy Yard.  The Project includes new interior and exterior construction work that is allowing for additional multi-tenant light industrial space throughout the approximately one million square foot building.  The Project continues the transformation of Building 77 into one of New York City’s leading hubs for industrial, modern manufacturing, and technology tenants.  The Project also includes critical infrastructure improvements that assist in the redevelopment and successful operation of Building 77 and the continued redevelopment of the Navy Yard.  The Project involves the government of the City of New York as well as the Brooklyn Navy Yard Development Corporation, the entity in charge of the government-owned Brooklyn Navy Yard. 

Construction of the Project is complete and all $30 million of EB-5 capital was spent on qualified construction expenditures.  The I-829 petition submission reflects that 984 jobs were created from construction-related activity. 

This Project is one of seven NYCRC project offerings in the Brooklyn Navy Yard.  To date, NYCRC-managed funds have provided $339 million of EB-5 capital for development initiatives in New York City’s largest industrial park.

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