ARCFE GROUP 1
I-526 Approved I-829 Approved
ARCFE Group 1 is formed to fund the development of a residential condo building, located at 70-32 Queens Blvd, Queens, New York City. It’s a 12-storey mixed-use building that includes residential and retail spaces. The project started construction in March 2013 and is expected to be completed in September 2015.
70-32 Queens Boulevard LLC is the developer of the project. The developer company is led by an experienced developer Steve Cheung. The project will be developed in cooperation with the following professionals:
- Architect Designer
Michael Kang, Michael Kang Architect PLLC
Michael Kang is the founder of Michael Kang Architect PLLC, an international practice offering comprehensive architecture and interior design services, with offices in Flushing, New York. Mr. Kang has worked on projects including office buildings, hotels, residential towers, and mix‐use developments. His strong engineer background allows him to design functional, economical and attractive spaces and environments. Mr. Kang specializes in high‐rise building design, and has won architectural competitions and awards. He is a licensed architect in New York State.
- General Contractor
Hua Yang Inc
Hua Yang Inc is a full-service construction firm based in Queens, New York. Its business scope includes indoor and outdoor design and construction; residential villa construction, expansion, and restructuring; decoration and renovation for large restaurants, shops and offices; and building consultation. Hua Yang Inc aims to exceed clients’ expectation and requirements for environment, function and visual experience. Hua Yang Inc has established its superior reputation in the areas of Queens, Brooklyn, Nassau County, etc.
Queens County is the second most populous borough of New York City. Queens Blvd is the busiest major road in Queens County. Currently, newly built condo units with 2 bedrooms and 2 bathrooms along the Queens Blvd (about 1,000 square feet) are sold at an average of price of $600,000/unit.
|Developer investment||$14,670,000 (66%)|
|EB-5 capital||$6,000,000 (27%)|
|Total project investment||$22,270,000 (100%)|
Jobs will be created during the construction process and as a result of the ongoing operations of building management and maintenance. Econometric analysis by Dr. Michael Evans calculates that 152 jobs will be created, including jobs created indirectly. This translates into 12 jobs per EB‐5 investor, exceeding the required 10 jobs per investor.