Pro­jects in New York City area get bil­lions from EB-5 in­vestors

China Daily (USA) - - IN DEPTH -

The EB-5 visa pro­gram has led to more than $3.7 bil­lion be­ing put into sev­eral dozen pro­jects around New York City since 2009. Among the re­cip­i­ents:

Hud­son Yards, a 26-to-28-acre mixed-use real es­tate devel­op­ment on Man­hat­tan’s West­side, has raised the most money, $600 mil­lion.

Four Sea­sons Ho­tel New York, an 82-story build­ing in down­town Man­hat­tan, raised $250 mil­lion from 500 EB-5 re­cip­i­ents.

Cen­tral Park Tower, a $1 bil­lion con­do­minium project un­der con­struc­tion on West 57th Street, is seek­ing $200 mil­lion.

Across the Hud­son River from Man­hat­tan, Trump Bay Street, a 50-story lux­ury rental com­plex in Jer­sey City, New Jer­sey, built by Don­ald Trump’s son-in­law, Jared Kush­ner, re­port­edly raised $50 mil­lion, a quar­ter of its fund­ing, through EB-5, nearly all from in­vestors from China. A spokes­woman for the Trump Or­ga­ni­za­tion said that Trump sold his name to the project and is not manag­ing the fi­nances.

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