DLJ Real Estate Capital Partners has teamed up with EB5 United and Advantage America New York Regional Center to line up the financing for its planned transformation of the Jarmulowsky Bank Building at 9 Orchard Street, according to EB-5 marketing materials found by the Lo-Down. The program offers legal residency to foreigners who invest a minimum of $500,000 in job-creating projects.
The development, which should cost $190 million overall, has been accepting EB-5 investments since last September, the marketing flyer states.
DLJ purchased 9 Orchard Street in 2011 for $33 million and has been renovating it extensively since. The company had originally proposed an Ace Hotel for the site, but in 2016 announced it would build a creative office instead. The developer’s plans reverted back last year, according to the Lo-Down.
This article was updated to include EB5 United.