On Sept. 4, the Vermont State Auditor’s Office published a 32-page report titled, “Interim Report on EB-5 Program.” The information was meant to address the findings of an audit conducted by the auditor’s office. The audit was requested be...
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Don Keelan: The nonaudit of Vermont’s EB-5 center
Foreign investors claim Cor cheated them on $4 million loan for Syracuse Inner Harbor hotel
The 132-room Aloft Syracuse Inner Harbor hotel opened on West Kirkpatrick Street in July 2016. A company representing foreign investors has filed a lawsuit claiming the partners of Cor Development Co. cheated them out of $4 million loaned b...
Ukrainian investor sues Ragged Mountain over EB-5 investment
Ragged Mountain Ski Resort, Danbury Seeks return of $545,000 investment in Danbury ski resort expansion A Ukrainian investor is suing the Ragged Mountain resort in Danbury to return $545,000 he invested in the resort’s expansion though t...
Barclays eyes big move to Hudson Yards
Barclays CEO Jes Staley and Hudson Yards Bank is looking to lease 500K sf for US headquarters Barclays is eyeing a big move to Hudson Yards. The London-based bank is considering moving its U.S. headquarters to the Far West Side megade...
Auditor issues interim EB-5 report; deeper probe into state’s role in scandal paused
Vermont State Auditor Doug Hoffer released the first part of an audit into the state’s role in the EB-5 fraud. The rest of the report must wait until various litigations are settled. Vermont Auditor Doug Hoffer has released an “interim rep...
Nelson Mullins, Ex-Partner Face Malpractice Claims Over EB-5 Visa Work
The complaint said former Nelson Mullins partner Steve Park worked to set up a competing operation to market EB-5 visas while still serving a corporate counsel for Southern States Regional Center. A complaint filed in Fulton County levels l...
Quick Answers To 5 Common EB-5 Questions
Here are the answers to a few of the most frequently asked EB-5 questions. 1.What is the minimum investment amount for an EB-5 visa? The EB-5 Program requires an applicant to make a capital investment of $900,000 in a project located in ...
We’ve Secured a Major Victory Regarding EB-5 Delays
At a time when bad news seemingly permeates the daily immigration discussion and the USCIS IPO office has issued year-after-year growing delays, it is always a pleasure to share favorable results arising from agency litigation. Last Friday, in...
U.S. real estate pain leaves foreign investors holding the bag
Hudson Yards stands without visitors in New York, U.S., on Wednesday, April 8, 2020. Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases, said the start of a turnaround in the fight against the virus could...
Town rejects push by Burke Mountain ski resort to cut its property tax bill by 40%
Burke Mountain Hotel and Conference Center in East Burke. The town of Burke has rejected the Burke Mountain ski area’s request to cut its property taxes by 40%. The town’s Board of Civil Authority upheld the town assessor’s $18.7 millio...
The Impact of SEC's Expanded Definition of "Accredited Investor" on EB-5 Offerings
Last week, the Securities and Exchange Commission (SEC) expanded slightly who can qualify as "accredited investors." Many EB-5 issuers use securities registration exemptions that allow subscription and even solicitation of investors in the U.S...
US real estate pain leaves foreign investors in the lurch
Roughly 2,000 EB-5 investors poured US$1 billion into Hudson Yards through deals under EB-5, a programme meant to promote investment in rural areas, as well as urban locales with high unemployment. Investors who backed developments in retu...
Coliseum again at crossroads
The Nassau Veterans Memorial Coliseum on June 16, 2020. We've been down this road before. A new tenant for one of Long Island's key entertainment venues. New plans for one of the Island's most valuable pieces of land. And Nassau County ...
Lease on Miami Beach's Astor Hotel lists for $12M
The owner of Hotel Astor, at 956 Washington Ave. in Miami Beach, filed Chapter 11 to stay an eviction lawsuit. The lease on the 42-room boutique Astor Hotel in Miami Beach is for sale as the operator goes through bankruptcy proceedings. ...
I-526 Processing Time Report Update (country-specific)
The USCIS processing times report now offers three “estimated time range” sets for Form I-526: one for China mainland-born investors, one for other-area investors, and one for an unidentified third category. The report does not update the repo...