Navy Yard Expansion Seeks Foreign Investment by Awarding Residency

Home Live Wire Navy Yard Expansion Seeks Foreign Investment by Awarding Residency

The Brooklyn Navy Yard is seeking investors for its new $125 million expansion project, and hoping to attract foreign investors by offering the prospect of an EB-5 visa (created by the Immigration Act of 1990, which awards green cards to outsiders who invest U.S.-based projects) to folks who cough up from $500,000 to $1 million in cash. The expansion project, which will supposedly create 2,800 “green” jobs (what does that even mean?), will cost $125 million. While the city is paying out $81 million for the job, the rest is falling to private investors.

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