The New York City Regional Center (NYCRC) says that United States Citizenship Immigration Services (USCIS) has issued an I-924 petition approval for its JFK International Airport Redevelopment Project. This is the eighteenth approval received for NYCRC project offerings.
The JFK International Airport Redevelopment Project involves the redevelopment of Building 78 at JFK Airport, a 172,165 sq. ft. facility on a 14.4 acre site with direct access to the airport’s active runway system. The new Building 78 has been named “The ARK at JFK” and is providing much needed space to support general cargo operations and the agricultural industry at JFK Airport.
“We are very pleased to receive an I-924 approval of our JFK International Airport Redevelopment Project from USCIS,” said Paul Levinsohn, co-managing principal of the NYCRC. “This is an important milestone for a key redevelopment project in the city’s largest airport.”
This project approval follows two recent additional I-924 approvals issued for NYCRC projects — the New York City Wireless Infrastructure Project (Phase II) and the Brooklyn Navy Yard Project (Phase III). In December of last year, the NYCRC also announced the full repayment of the $60 million loan to 120 EB-5 investors in its first project offering in the Brooklyn Navy Yard.
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 $1.4 billion of EB-5 capital for 21 economic development projects throughout the city.
In addition to work at JFK Airport, the NYCRC has provided EB-5 capital to assist with seven projects at the Brooklyn Navy Yard, 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 is providing EB-5 capital for the construction of Fresh Direct’s new headquarters in the South Bronx and the City Point development in downtown Brooklyn. NYCRC funding is also being used for construction of a new medical office/hotel complex in Washington Heights and the expansion of the Hutchinson Metro Center in the Bronx.
The NYCRC is securing 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.