Hudson Yards Developers Seek $380M In EB-5 Investments
The developers for Hudson Yards are seeking more money from foreign investors through the controversial EB-5 program.
Related Cos. and Oxford Properties Group are seeking $380M to aid in completion of 35 Hudson Yards, 55 Hudson Yards and a platform capping the eponymous rail yard. Chinese migration agency Wailian Group posted an ad soliciting investment in the project by touting it as an opportunity to qualify for the EB-5 program that grants green cards in exchange for a certain level of investment in U.S. developments, The Real Deal reports.
The program has come under greater scrutiny since representatives of Kushner Cos. used an image of President Donald Trump at an event soliciting EB-5 investments to play up the connection between Trump and the Kushner family.
The 1.7M SF office building at 55 Hudson Yards is under construction, with several hedge fund and law firm tenants already signed on for leases. 35 Hudson Yards has already obtained a $1.2B construction loan for its combination of apartments, offices and hotel.
