City Connections Realty scored approval to open an EB-5 regional center, becoming the first residential brokerage to do so.
The new designation means that the 100-agent firm led by Dave Schlamm can sponsor EB-5 investors who invest $500,000 in the American economy and in exchange receive a green card. City Connections’ geographic reach will extend to development projects throughout New York state, as well as Connecticut, New Jersey and Pennsylvania.
“We don’t know where the opportunity will lie. We had to take some risks [in our application], and one of the risks was applying for a broad category,” said Min Chan, an EB-5 attorney who joined City Connections last year and is a co-founder with Schlamm of the regional center.
There are 76 regional centers in the state of New York, including some run in-house by developers like the Related Cos., Extell Development and Silverstein Properties, according to theU.S. Citizenship and Immigration Services website. In New York City, EB-5 investors are funding projects including Hudson Yards, Pacific Park Brooklyn and condominium projects Michael Shvo, Bizzi + Partners and Howard Lorber’s 125 Greenwich Street, Witkoff Group’s 1 Park Lane and Macklowe Properties’ 1 Wall Street.
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