NEW YORK CITY—The Moinian Group has selected George Washington Immigration Group, LLC, as its EB-5 regional center to provide between $250 million and $350 million in EB-5 funding for 3 Hudson Boulevard.
Congress created the EB-5 Immigrant Investor Visa Program with the Immigration Act of 1990. Investors can become lawful permanent residents by investing at least $1,000,000 or $500,000 in targeted employment areas, to finance a business in the US that will employ a minimum of 10 American workers.
People can invest individually or through regional centers which create large investment pools. US Citizenship and Immigration Services designates EB-5 regional centers which sponsor projects for investments by EB-5 investors. Paid by commissions, these centers connect foreign investors with developers. They are often recommended for investors more concerned with obtaining a US green card as opposed to personally and directly managing an investment.
The USCIS website says as of Feb. 5, there are 898 approved regional centers.
Moinian's 53-story, 2 million square-foot office tower is located in the midst of the 60-acre Hudson Yards district. The project benefits from the new subway 7 line extension and 34th Street subway station which is at the building's entrance. Construction of 3 Hudson Boulevard began in 2017 and has a scheduled completed date of 2021.
The total cost is more than $2 billion, and will be funded through Moinian Group equity and EB-5 participants.
“George Washington Immigration Group is a first-class organization with team members who have a tremendous track record in the EB-5 industry,” says Moinian Group CEO Joseph Moinian.
Evan Stoopler is the managing partner and founder of George Washington Immigration Group. His partner, Steven Anapoell, has designed, structured and implemented some of the largest EB-5 financings to date including Hudson Yards for the Related Companies and 30 Park Place for Silverstein Properties. Anapoell's other projects include the International Gem Tower for Extell Development and Liberty Gardens for The Lightstone Group.
Architect Dan Kaplan of FXFOWLE designed the tower, which takes up an entire square block between 11th Avenue and Hudson Boulevard Park from West 34th Street to West 35th Street. He has maintained the building's foundation sits on the densest bedrock in Manhattan, so requires no platform.
Peter Riguardi, president of JLL's New York tri-state region, is leading the leasing efforts.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
