Extell Development isn’t just giving Asian buyers the first crack at buying apartments at its forthcoming condominium in Lower Manhattan. The firm is eyeing Asian investment in the project, dubbed One Manhattan Square, through the EB-5 visa program.
The Gary Barnett-led firm is hoping to raise between $100 million and $200 million for the 815-unit project through the popular – and controversial – program, which offers foreign investors a U.S. green card in exchange for a $500,000 investment.
Marketing materials for One Manhattan Square that appeared on a Vietnamese website indicated the EB-5 funds could account for seven percent to 14 percent of the project’s total estimated cost of $1.4 billion.
Read more by clicking below image