Washington, D.C. – March 9, 2018: Yesterday, Congress released a working draft of a new bill to reform the EB-5 visa program. The bill proposes...
Washington, D.C., March 8, 2018: February has passed without new EB-5 rulemaking proposals from the Department of Homeland Security (DHS). Although this marks a schedule...
It has been six months since sales launched for 125 Greenwich Street, a U.S. Immigration Fund project. With increased momentum, Developers, Bizzi & Partners, are revealing the three different residences of the building. Interior finishes, designed by March & White (pictured below), reflect the surrounding neighborhood elements such as the Hudson River and Downtown.
By Tanay Warerkar | Mar 1, 2018[caption id="attachment_25492" align="aligncenter" width="920"] Gotham Photo Company[/caption]
It took a while to get off the ground, but when it finally did last fall, things started moving pretty quickly for 125 Greenwich Street. Six months after sales launched, the development is now ready to show off its sales gallery, which gives us a peek at the three different types of residences the building will have to offer.
The sales office is located on the 84th floor of One World Trade Center, and looks out on to the construction site. The developers, Bizzi & Partners Development, have built out three residences—two one-bedrooms, and one studio—that are reflective of the palettes future residents can choose from. Interior design firm March & White have labeled these finishes Aqua, Terra, and Stratus as a nod to the Hudson River, the Downtown area, and the sky. Here’s a peek at the three different finishes:
The renderings of the kitchen palettes above also show off the different marble finishes the developers will offer namely Ancient Grey, Silver Brown Wave, or Fior di Pesco Carnico.
125 Greenwich Street has a total of 273 residences that range in size from studios through three-bedrooms, including several penthouses. Prices on currently available units range from $1.275 million and go up to $5.55 million.
The 88-story, Rafael Viñoly-designed building will also have a robust amenity package that will take up the top three floors of the building and be known as The 88. The amenities, renderings of which were first unveiled in November last year, include an indoor lap pool, a spa and sauna, a fitness center, a private dining area, and a theater, among others.
When we last checked in with the construction site, the building was just get getting off the ground; the building is now at its 21st floor, and will eventually soar to 912 feet. Construction is expected to wrap in the fall of 2019.
Indians are fifth largest investors in the program: US official
NEW DELHI | March 1
The EB-5 Visa Program could be a good alternative for Indians wishing to migrate to the US, especially at a time when H1-B Visa rules are being tightened.
“The current administration isn’t against immigration, they are against illegal immigration. And they want to make the entire visa system more of a merit based system as opposed to a lottery. The EB-5 Visa is merit based as people are sacrificing something to get their green card,” said Andrew Graves, Director, Business Development, US Immigration Fund (USIF).
The EB-5 Program was created by the US Congress in 1990 and allows high net worth foreign investors to get a US visa for the investor and their immediate family through an investment of about $5,00,000 in a US business that will benefit the economy by creating a minimum of 10 permanent US jobs. Graves, who heads the India operations of USIF, said at present Indians are the fifth largest investors in the program but given the demographic size, they can turn into the second largest group in a few years.
“If you look at the demographics of India, it is an extremely large country and has lots of wealth. It has the second largest immigrant group to the US behind Mexico. The second largest international student base to the US is also from India,” he told BusinessLine, adding that most applicants use EB-5 for their children’s education in the US.
In 2017, there were only 307 applications under the EB-5 Visa from India as compared to 26,725 applications from those born in mainland China.
The number of USIF Indian investors quadrupled from 2016 to 2017 and Graves expressed confidence that it will increase further in 2018.
Graves however, said that changes are expected in the EB-5 Visa Program too. The US Congress may hike the minimum investment amount for EB-5 from $500,000 to close to $1 million and from $1 million to $1.8 million per applicant respectively.
Original Post: www.thehindubusinessline.com