NEW YORK CITY-The Durst Organization hopes to raise approximately $260 million via the EB-5 visa program to build two large projects in Manhattan.
The New York City-based developer hopes to harness the EB-5 program funding to build a 41-story mixed-use project on Sixth Avenue and 31st Street that will feature apartments, office and retail space. The firm also hopes to use the funding for its 625 W. 57th St. apartment building project, according to the Wall Street Journal. Durst is working with US Immigration Fund LLC, which is based in Florida, to raise the EB-5 financing for the projects.
Other New York City projects that have utilized the EB-5 program include the Atlantic Yards project in Brooklyn developed by Forest City Ratner Cos. and the International Gem Tower on West 47th Street developed by Extell Development Co. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
