Durst taps into green card fever

Developer looks to raise $260 million through visa program for foreign investors

TRD New York /
May.May 28, 2013 10:00 AM

The Durst Organization is looking to entice wealthy foreigners to invest in two high-profile Manhattan projects through a visa program that would reward their investment with a green card, the Wall Street Journal reported.

Durst is looking to raise roughly $260 million through the EB-5 visa program for the two projects — a 41-story mixed-use glass tower at Sixth Avenue and 31st Street and a Bjarke Ingels Group-designed apartment tower at 625 West 57th Street. The visa program provides foreign citizens with green cards when they invest at least $500,000 per family in projects that create at least 10 jobs per investor.

The developer looked to this alternative source of financing as traditional construction loans dried up, Gary Rosenberg, an attorney for Durst, told the Journal. Certain types of loans that developers have previously relied on have become “very expensive and very hard to do in rental property,” he said.

Other big projects that have used the EB-5 visa program include Forest City Ratner’s Atlantic Yards and Extell Development’s International Gem Tower On West 47th Street.

George Olsen, a principal of the New York City Regional Center, a company that found investors for the Atlantic Yards project, told the Journal that the program used to be so obscure that people had to be convinced of its merit.

“Now it’s a lot more popular and people have heard of it,” Olsen said. [WSJ]  – Hiten Samtani


Related Articles

arrow_forward_ios
Durst Organization chairman Douglas Durst and Amazon CEO Jeff Bezos with 1133 Sixth Avenue (Getty, Google Maps)

Another blow to Amazon in court battle with Durst Organization

Another blow to Amazon in court battle with Durst Organization
A rendering of the site at 44-02 Vernon Boulevard in Long Island City and Douglas Durst

Owners of LIC’s “Lake Vernon” notch win in tug-of-war with Durst

Owners of LIC’s “Lake Vernon” notch win in tug-of-war with Durst
Douglas Durst, One Five One, and Tik Tok CEO Kevin Mayer (Getty, Google Maps, iStock)

The biggest new tenant in New York City is… TikTok

The biggest new tenant in New York City is… TikTok
The Durst Organization president Jonathan Durst and 655 Third Avenue (Google Maps)

Mitsubishi International renews big lease at Durst’s 655 Third Avenue

Mitsubishi International renews big lease at Durst’s 655 Third Avenue
From left: Attorney Robert Abrams, Robert Durst and Durst spokesperson Jordan Barowitz (Credit: Abrams via Abrams Fensterman; Durst by Robyn Beck-Pool/Getty Images; Barowits via Durst Organization)

Durst Org accused of defamation by lawyer who sued Robert Durst

Durst Org accused of defamation by lawyer who sued Robert Durst
Robert Durst appears in court for during opening statements in his murder trial on March 4, 2020 in Los Angeles (Photo by Etienne Laurent -Pool/Getty Images)

Robert Durst murder trial could be suspended as LA courts shutter over coronavirus

Robert Durst murder trial could be suspended as LA courts shutter over coronavirus
From left: 1155 Sixth Avenue; One World Trade, Douglas Durst and 733 Third Avenue (Credit: Tdorante10 via Wikipedia Commons, Durst Organization, Getty Images)

Netflix inks short-term lease at Durst’s 1155 Sixth Ave

Netflix inks short-term lease at Durst’s 1155 Sixth Ave
Several major office landlords are enhancing cleanup efforts as COVID-19 is on the rise (Credit: iStock)

Landlords aim to keep offices squeaky clean as coronavirus spreads

Landlords aim to keep offices squeaky clean as coronavirus spreads
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...