Majority of the Hallets Point development was shelved after expiration of 421a
Life, liberty and the pursuit of capital.
The Durst Organization is looking to raise a quarter of the funds for a residential building at its Hallets Point project from immigrants looking for green cards.
The developer is seeking to raise $100 million through the EB-5 program for Building 1 of the Astoria waterfront development, a Durst spokesperson confirmed. EB-5 is a federal program that gives investors willing to plow at least $500,000 into job-creating projects in the U.S. a path to citizenship.
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