Gary Barnett is looking to raise $190 million in financing for Extell Development’s Central Park Tower development through the EB-5 program, according to marketing materials on a Chinese EB-5 website.
Extell had filed an offering plan for the 182-unit development back in July but withdrew it just a month later, according to records filed with the New York Attorney General’s office. Barnett was rumored to be in discussions with a new capital partner at the project.
EB-5 is a federal program that grants foreign investors green cards in exchange for a minimum investment of $500,000 in job-creating projects in the U.S. It’s become one of the most popular — and most controversial — fundraising vehicles for New York developers.
Barnett is also looking to raise up to $200 million for a 815-unit project at One Manhattan Square on the Lower East Side.
EB-5 investors in the Central Park project at 217 West 57th Street would be required to pump in a minimum of $1 million, according to the documents on website visas.to The residential condo portion of the tower has a projected sellout of $4 billion in condo sales, with an average asking price of just over $6,500 per square foot.
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