ARCFE GROUP 11 – Astoria
ARCFE Group 11 LLC was formed in March 2018 for the purpose of raising up to $9 million investment capital to a project permitted under the EB-5 Immigration Investor Program. The project, located in 3-11 27th avenue, Astoria, NY 11102, will be built in a prime location on the other side of Upper East, Mahanttan, across East River. The project has a total finished area of approximately 12,662.6 square feet. It is a 7-floor residential and commerical mixed-use condominium building with 50 residential units on the 3-7th floor, a retail space of 7,988 square feet on the first floor and a doctor office/community facility of 7,988 square feet on the second floor. The project is scheduled to be completed by September 2020, with CO to be obtained in October 2020.
PROJECT DEVELOPER/GENERAL CONTRACTOR
Lions Group NYC will be the General Contractor for thisporject. Since 1984, Lions Group has excelled in driving quality projects within the famously aggressive New York real estate market. Extensive experience in ground up residential and commercial real estate has yielded a position as one of New York’s premier real estate teams, with a portfolio consisting of over $500 Million worth of developments.
Family-owned and managed, the Lions Group focuses on acquisition, development, construction and management of residential, commercial and retail properties; currently holding and operating over 1,500,000 square feet of luxury condominiums, quality rental buildings and commercial spaces throughout the Metropolitan area as well as custom luxury residences in the north shore of Long Island also known as the Gold Coast.
The total projected cost is approximately $37,504,000, including land cost of $9,253,000, hard cost of $20,769,000, soft cost of $4,484,000 and financing cost of $2,998,000.
The project is managed by ARCFE and Hudson Garden EB-5 LLC has been established to recruit 18 investors, with a total amount up to $9MM to be raised. The subscription fee is $50,000 for each investor.
Each investor will obtain a fixed return of 4% per annum, distributed on a quarterly basis. The project currently satisfies the conditions for distressed urban areas as laid out in the draft legislative text that was proposed for inclusion on the March 23rd Congressional omnibus package. If such a policy is approved in future for projects qualified for the conditions of these distressed urban areas, this project will allow investors to qualify for these visa set-asides, and since then, obtain a fixed return of 2% per annum, distributed on a quarterly basis.
The project will follow the new rules that allow investors to get refund of their capital no later than 2 years after their conditional 2-year green card is obtained.
|3-11 27th Ave Astoria Condo project total cost：||$37,504,000|
The jobs that will be created during the construction process through expenditures. The Project shall satisfy the job creation requirements for all EB-5 investors. Econometric analysis by Dr. Michael Evans calculates that 221 jobs will be created, using RIMS II model, including jobs created indirectly. The total new jobs that will be created exceed the required 180 jobs for the 18 EB-5 investors to be recruited for this project.