NEW YORK, NY – April 28, 2022 – The New York City Regional Center (“NYCRC”) is pleased to announce the first I-829 petition approvals issued to EB-5 investors participating in its Fresh Direct Project (Phase II) offering (“Project”). I-829 petition approvals have now been issued in 13 NYCRC offerings. To date, 1,825 I-829 approvals have been issued to investors in NYCRC offerings resulting in 5,279 individuals (EB-5 investors and family members) achieving permanent residency in the United States.
The issuance of the I-829 petition approval removes the conditional status and deems the EB-5 investor to be a lawful permanent resident of the United States. Permanent residence permits EB-5 investors to live and work anywhere in the United States and be protected by the laws of the United States. An EB-5 investor’s spouse and children are also authorized to live, work, and attend school anywhere in the United States.
The Project included the second phase of construction involving the build out of an additional 225,000 square feet of space for Fresh Direct’s new food processing and distribution facility in the Bronx. The new facility includes space for food processing, warehousing, distribution, and operations for Fresh Direct, the largest independent, full-service internet food grocer in the United States. The Project is an economic development initiative that is bringing much needed new jobs to the South Bronx. The Project is also a component of New York City’s efforts to strengthen and grow the food manufacturing and distribution industry, a significant sector of the city’s economy.
Construction of the Project is complete and all $55 million of EB-5 capital was spent on qualified construction expenditures. The I-829 petition submission reflects that 1,342 jobs were created from construction-related activity.
NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program. The company was the first regional center approved in New York City. To date, NYCRC has put over $1.5 billion of capital to work across a broad spectrum of infrastructure and real estate projects in New York City. Much of this capital has been invested in underserved areas in need of long-term economic growth. Examples include:
- $767 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including seven projects totaling $339 million in the Brooklyn Navy Yard;
- $108.5 million to finance ground-up and redevelopment projects in Washington Heights (an Upper Manhattan Empowerment Zone); and,
- $220 million to finance ground-up construction in the Bronx.