June 25, 2011
No suprise: NYU Schack's Stuckey intersects with EB-5 promotion
Atlantic Yards Report
The immigrant investor law, known as EB-5, has gotten a lot more popular in the past two years, because low-interest loans from immigrants more interested in green cards than returns are now available to clever investors, and the requirement of job creation can be finagled via paper calculations.
From GlobeSt.com, 6/21/11, Shopping the EB-5 Supermarket:
As access to traditional forms of capital continues to tighten, an often underlooked source of funding can help foreign investors establish themselves in the US while benefiting the American economy: the federal EB-5 Immigrant Investor Program. Panelists discussed “The Art of the EB-5 Real Estate Transaction” at a conference hosted by Akerman Senterfitt in conjunction with the Urban Land Institute and the NYU Schack Institute of Real Estate on Monday morning at the Cornell Club in Midtown Manhattan.
...When structuring an EB-5 project, Park asks two questions: Does it meet the legal requirements, and from an investment standpoint, will it sell? “EB-5 projects nowadays are like commodities,” Park says. “You have to think of it in the view of the investor. They want a green card and they walk into a ‘supermarket.’ You go in, look at the shelf and see all these products and if you pick a good one and you get the job, you get your permanent green card two years later.”
And if you think of it in the view of public policy, well, maybe the question is whether the project actually creates jobs.
And the article combines former Atlantic Yards point man Jim Stuckey with the clever packagers at the New York City Regional Center, who helped raise $249 million for Atlantic Yards:
The most successful EB-5 projects have demonstrated creative real estate solutions in major metros, explained moderator James P. Stuckey, divisional dean at NYU’s Schack Institute of Real Estate. With a refocus on urban manufacturing, Andrew Kimball, president and CEO of Brooklyn Navy Yard Development Corporation, became the city’s first organization to access low-cost financing--about $60 million--through the EB-5 Regional Center program.
The article mentions the more legitimate Navy Yard program, but, really, shouldn't someone follow up on the revelations about the Atlantic Yards pitched raised by Reuters and by me? The Times has not.
Posted by steve at June 25, 2011 9:17 PM