Navy Yard Expansion Seeks Foreign Investment by Awarding Residency

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The Brooklyn Navy Yard is seeking investors for its new $125 million expansion project, and hoping to attract foreign investors by offering the prospect of an EB-5 visa (created by the Immigration Act of 1990, which awards green cards to outsiders who invest U.S.-based projects) to folks who cough up from $500,000 to $1 million in cash. The expansion project, which will supposedly create 2,800 “green” jobs (what does that even mean?), will cost $125 million. While the city is paying out $81 million for the job, the rest is falling to private investors.

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