A block south of Central Park in Manhattan, construction crews are working on the base of what is poised to be the tallest apartment building in the country and the latest condominium tower to cater to the super rich.
It is also poised to be the latest skyscraper to benefit from a provision of a federal immigration program meant to aid distressed neighborhoods and rural areas, offering a striking example of what lawmakers and critics have called a widespread abuse of the program known as EB-5.
The builder, Extell Development Co., recently began seeking foreign investors through the immigration program in a bid to raise nearly $200 million to help finance the tower’s construction.
Gary Barnett, the company’s chief executive, said he is following all rules for the program, and the tower is expected to create “thousands” of jobs that might otherwise not be created as traditional condo financing is tough to secure today. “Given the financing environment that currently exists, it’s a critical component,” he said of the EB-5 funding.
Read more by clicking below image