Total investment amount: $250 million
EB-5 loan amount: $75 million
EB-5 investor quota: 150 people
Promotion quota for China: 98 people
Developer: Friedman Group, New York
Project Overview:
The top luxury residential developer in New York, Friedman Group, has partnered with a Chinese immigration agency to create another iconic building in the Manhattan financial district—the Times Square Hotel. The project is located at the intersection of 42nd Street and 9th Avenue, just steps away from the most bustling landmark in Manhattan—Times Square. Once completed, the Times Square Hotel will feature 38 floors with 440 guest rooms, 38 apartment-style hotel rooms, and all supporting facilities.
Friedman Group has invited the renowned American architectural firm Handel Architects to oversee the overall and spatial design of the project, ensuring that the completed Times Square Hotel meets guests' expectations for luxury and sets a new industry standard for luxury and comfort.
The 38-story Times Square Hotel will not only transform the appearance of the original neighborhood but will also fully leverage its geographical advantage of being in close proximity to the Manhattan financial district and other New York landmarks, attracting numerous business elites and tourists year-round, thus creating substantial profits and job opportunities.
Project Advantages:
The Times Square Hotel Project has many well-known advantages, such as its unparalleled geographical location, a strong management team, and solid job creation. However, the most outstanding points are as follows:
1. Scarce Project
The Times Square Hotel Project is located in the 115 census tract, one of only three targeted employment areas in the Manhattan core, and is the only project in the Manhattan core with an official targeted employment area certification from the New York State government. Other immigration projects in the Manhattan core require an investment of $1 million. Therefore, this project, with a $500,000 investment, becomes a scarce investment immigration project in the Manhattan core.
2. Pre-approval by the Immigration Bureau
The Times Square Hotel Project has received pre-approval from the U.S. Immigration Bureau, meaning that all documents for the project have been recognized by the Immigration Bureau. This indicates that every investor participating in this project can obtain expedited approval as long as their funds and personal conditions meet the Immigration Bureau's requirements.
3. Investment Security
The investment from immigrant investors accounts for only 30% of the total project investment, and as creditors, immigrant investors will receive property rights, including the land on which the project is located, the completed hotel, and the hotel operating rights, as repayment guarantees and collateral.
The geographical scarcity, combined with strong confidence from various aspects, has attracted global immigrant investors' attention to the Times Square Hotel Project. The project has not yet entered China but has already received enthusiastic subscriptions from 52 investors from countries traditionally keen on U.S. investment immigration, such as the United Kingdom, Mexico, Panama, and Pakistan. Recently, the tsunami and nuclear crisis caused by the Great East Japan Earthquake have attracted many Japanese investors who wish to quickly obtain U.S. green cards through investment in the Manhattan Times Square Hotel Project, providing additional security for themselves and their families' present and future. Now, the Manhattan Times Square Hotel Project has been introduced to China by Worldway Immigration, causing a significant response in the immigration sector and attracting many immigrant investors' interest.
Job Creation:
The Manhattan Times Square Hotel Project will create 1,943 direct, indirect, and derived jobs for immigrant investors, sufficient to meet the needs of 194 immigrant investors to remove conditions and obtain permanent green cards, while the project only recruits 150 investors, ensuring ample job opportunities.
The hotel industry is part of a labor-intensive industrial chain. The Times Square Hotel Project will generate a large number of job opportunities both during the construction phase before operation and during the operational phase after completion. It is particularly important to emphasize that due to the high-rise nature of the Times Square Hotel Project and its luxurious and fashionable design, a significant number of specialized construction and interior decoration positions will be created throughout the construction process.
For every immigrant investor in the Times Square Hotel Project, the investment not only meets the job creation requirement by 130% but also provides 130% assurance when applying for a permanent green card after 21 months!
Investment Returns:
Once the hotel is completed, conservatively calculating based on the average hotel room price of $250 during the financial crisis in New York and an average occupancy rate of 82.5%, the hotel's annual net profit will exceed $21 million. If calculated at a 7% capitalization rate, the conservative market value of the entire hotel will reach $302 million. However, if calculated based on the normal room rental increase rate, the average room price after the hotel is completed will reach $340, and the hotel market value could reach $400 million!
Based on the conservative market value of $300 million after the hotel is completed, there is ample assurance for repaying the $75 million loan to immigrant investors, and the profits generated from hotel operations will also serve as a source of repayment for immigrant investors. Each year, immigrant investors will also receive a 1% interest return from the project party.
Management Team:
Friedman Group has been actively involved in the real estate industry since 1960. They own, build, and manage numerous high-end real estate projects in Manhattan's Upper East Side and frequently engage in the development of large residential and commercial real estate in New York City. The Friedman family also owns and operates Penmark Corporation, a full-service residential real estate management company that manages over 110 buildings and more than 6,000 apartments.
The New York Immigration Fund is a regional center approved by the U.S. Immigration Bureau. The partners consist of fund managers, developers, immigration lawyers, and real estate engineering experts with at least 20 years of experience. One of the partners, Mr. Louis Katsos, is also a professor at the Cooper Union's Chanin School of Architecture and has over 35 years of experience in the New York real estate and construction management market. As a senior executive of the project, Mr. Katsos has constructed over 10,000,000 square feet of high-rise buildings. Mr. Katsos's main responsibility is to ensure and supervise that the regional center's real estate projects are conducted according to industry standards.
Consultation Phone: 400 0909 899
