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NYC Builder Seeks Millions From Foreigners in Money-for-Residency Swap

  • Project near Hudson Yards is still without an anchor tenant
  • Developer switched leasing brokers to Jones Lang LaSalle team

Developer Joseph Moinian aims to raise as much as $500 million of EB-5 funds -- contributions from foreign nationals in exchange for legal U.S. residency -- to help him build a $2 billion skyscraper on Manhattan’s far west side.

At a groundbreaking ceremony Friday for the office project, 3 Hudson Boulevard, Moinian said he’s in the midst of the paperwork involved in lining up EB-5 investors, who may come from China or India. The federal program, designed to grant legal residency to foreigners who provide a minimum of $500,000 for job-creating U.S. business ventures, has so far been dominated by Chinese investors.