21 Jul 101 TRIBECA, Welcome to the New York Skyline
U.S. Immigration Fund has successfully funded numerous developments in New York City, with 101 Tribeca being the newest project to be a part of the famed skyline.
Breaking ground in what is considered to be the most exclusive section of Manhattan today, 101 TriBeCa is an exciting new project to emerge in New York City’s most coveted neighborhood, an area in which the average listing price is that of $6.4 million.
101 TriBeCa will be a world-class 63-story, 433,800 square-foot residential condominium tower with 129 units available and the top-floor penthouses will boast 360-degree views of New York’s TriBeCa neighborhood in downtown Manhattan.
U.S. immigration fund partnered with two of the City’s most successful and respected real estate developers, Fisher Brother and The Witkoff Group on the $715.7 million project, arranging $175 million of funding through the increasingly popular EB-5 program.
The EB-5 program was established by congress as a method for stimulating the economy, generating job creation, and promoting community development while allowing foreign investors to obtain a green card by investing a minimum of $1 million. 101 TriBeCa is presumed to create 4, 548 jobs and since the project’s inception, 252 foreign investors have filed for residency and 58 applications have been approved thus far.
Demolition of the existing building has been completed and work on the foundation of 101 Tribeca has begun. Design of the building has been divided into bid packages, awarded to a variety of respective businesses, and contractor reviews have begun.
Upon its completion 101 TriBeCa will be a remarkable addition to one of Manhattan’s highly sought after neighborhoods by residents and small businesses alike.
For more information on this project and to view pictures of demolition, click here.