The Horror of Hudson Yards Is How It Was Financed

Other developers have successfully raised EB-5 funds for projects in actually distressed areas of New York. Related recently sought a third tranche of EB-5 funds for Hudson Yards, targeting $380 million—bringing the total as high as $1.6 billion, according to New York University’s Stern Center for Real Estate Finance Research. If a project like Hudson Yards accounts for a whole year’s worth of EB-5 visas, it also consumes a year’s worth of financing meant for projects in low-opportunity places.

Source: www.citylab.com