NEW YORK, Oct. 14, 2014 /PRNewswire/ -- The Lightstone Group announced today that they have received official notice from the U.S. Citizenship and Immigration Services (USCIS) formally approving their I-924 request and designation of Lightstone New York Regional Center, LLC as a qualifying regional center for EB-5 projects.
The regional center designation allows Lightstone to create, promote, and manage development projects through the EB-5 immigrant investor program, enabling investors from around the world to earn permanent U.S. green cards by investing in Lightstone development projects throughout New York City.
When filing for their regional center designation, Lightstone included Liberty Gardens as their proposed project. Lightstone's immigration attorney, Kate Kalmykov from the law firm Greenberg Traurig, stated, "When adjudicating I-526 Petitions with respect to the Liberty Gardens EB-5 Project, USCIS has indicated that they plan to give deference to the job creation methodology and the business plan of the Liberty Gardens EB-5 Project". This is good news for potential investors as it means that as long as the investor's Source of Funds (SOF) report is in order, their I-526 petition should be approved.
A spokesman for a Chinese immigration agent that is promoting the Liberty Gardens project said, "We are very pleased with this development as it is means the job creation model is virtually approved and investors don't need to worry about having their I-526 application denied due to the project's job creation being rejected – the risk to the investor has been significantly reduced. Investors can choose this project with peace of mind."
David Lichtenstein, Chairman & CEO of Lightstone said, "We are proud to receive our Regional Center designation and will continue to offer immigrant investors the benefits of permanent US residency through Lightstone's world-class property developments in New York City."
About The Lightstone Group
The Lightstone Group, founded in 1988, is a privately held real estate company with one of the most diversified real estate portfolios in the United States. Today, Lightstone's portfolio consists of more than 10,600 multifamily units, 8.6 million square feet of office, hotel, retail and industrial assets, and 12,000 residential lots throughout the United States. The company has owned, managed and developed 25 outlet centers totaling more than 8 million square feet. Lightstone is one of the most active residential developers in New York City with more than 1,600 residential units currently under development in Manhattan, Brooklyn and Queens.
For more information, visit www.lightstoneeb5.com.
