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December 14, 2011
Everybody's getting into the EB-5 Act
The green cards-for-cash scam is going viral!
Atlantic Yards Report, Former Governor Paterson signs up to promote an EB-5 project
Former New York State Governor (2008-10) David Paterson, whose post-office roles include hosting a drive-time radio show and teaching at New York University, has also signed on to promote an EB-5 investment immigration program, helping recruit investors seeking green cards for purportedly job-creating investments in the Times Square Hotel.
On 5/27/11, the New York Immigration Fund (NYIF), a federally approved regional center--a private investment pool formed to recruit investors--announced a partnership with Paterson, suggesting in a press release (also at bottom) that it was part of "his long-standing agenda of expanding and improving economic development in New York."
NoLandGrab: Especially his own economic development.
Atlantic Yards Report, Extell turns to immigrant investor funding to support its International Gem Tower in the Diamond District
The Extell Development Corporation, one of the city's most bold and ambitious developers, was the only rival to the belated RFP for the Vanderbilt Yard issued by the Metropolitan Transportation Authority in July 2005, some 18 months after city and state officials announced their backing for the Atlantic Yards plan, which included the railyard.
Now Extell is taking a cue from Forest City Ratner, seeking a low-interest loan from immigrant investors under the EB-5 program to help finance its $750 million International Gem Tower, a long-gestating--and apparently, under-financed--tower in the Diamond District of Manhattan, on 47th Street between Fifth and Sixth Avenues.
It's established the Extell New York Regional Center, with federal approval.
NLG: By the way, we're launching the NoLandGrab Regional Center this week. And we're throwing our hat into the race for Russian President.
Posted by eric at December 14, 2011 11:32 AM