ARCFE GROUP 11 – Astoria
ARCFE Group 11 LLC was formed in March 2018 for the purpose of raising up to $11.8 million investment capital to the project qualified within the new TEA guidelines for $900,000 investment amount under the EB-5 Immigration Investor Program. The project, located at 3-11 27th avenue, Astoria, NY 11102, will be developed in a prime location on the on the other side of the Upper East, Manhattan, across the East River. With a total enclosed area of approximately 12,662.6 square feet, the 7-story residential and commercial mixed-use condominium building will include 50 residential units from the 3rd floor up to the 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 expected to be completed by September 2021, with TCO to be obtained by the end of 2021.
PROJECT DEVELOPER/GENERAL CONTRACTOR/DESIGN
LCH Development is an active full service real estate development firm in New York City. The company currently has several new development projects underway in areas including Long Island City, Astoria, Forest Hills and Flushing. The company’s vision is to cultivate vibrant communities, enhance neighborhood, and contribute beautiful and unique properties to New York City’s architectural history.
IX Construction Inc is the construction arm of LCH Development Inc. The IX Construction Inc general contracts all the projects of LCH Development. Edion Mecaj is the principal and co-founder of the company and oversees all aspects of construction work.
Edion Mecaj has over 10 years experience in real estate project management and holds an Architecture Degree and Masters in Construction Management from New York University. Edion also obtained a NYC Department of Buildings Site Safety Coordinator’s License and Superintendent License. Before joining IX Construction, his professional experience has covered a wide spectrum of construction work in NYC including architectural designing, reviewing shop drawings, budgeting, preparing and negotiating contracts, generating GC AIA requisitions, managing field operation and supervising day-to-day operation of projects’ construction management team. The following are some of his featured projects:
- Hotel Riu Plaza New York Times Square, 51-story high-rise featuring a 650-key hotel with approximately 365,000 gross floor area.
- The Harrison in Long Island City, a 27-story condo tower featuring 120 luxury condominiums with approximately 145,000 gross floor area.
- One Morningside Park in central park north, a 22-story condominium complex featuring 88 luxury condominiums overlooking Morningside and Central Park with approximately 92,000 gross floor area.
- Coney Island Hospital Emergency Room, a 20,000 SF emergency room including access road, parking lot and sidewalks around the facility.
DESIGN ARCHITECT – Angelo Ng & Anthony Ng Architects Studio
- Angelo Ng & Anthony Ng has developed a diversified clientele throughout the New York region. The studio’s staff draws experience from some of the largest and most distinguished architectural offices in the nation. The firm was ranked among the top 5 in Residential Architects in Queens by the Real Deal Magazine and no. 15 in Top Architecture firm of NYC.
- The firm possess over twenty five years experience in the Queens residential and commercial marketpalce, and has been architect of record for a variety of multi-family housing types with a construction volume exceeding $100,000,000.00.
- The office of Angelo Ng & Anthony Ng prides itself in delivering successful solutions to challenging design problems.
NEW EB-5 TEA REQUIREMENTS
The project Location is 3-11 27th Avenue, Astoria, NY 11102, meets the requirements of the new Targeted Employment Area (TEA) under the new EB-5 Immigration Investor Program Modernization Regulations, for the lower investment amount of $900,000.
The total projected cost is approximately $38.5MM, including bank loans of $16.7MM, EB-5 loans of $11.8MM and equity of $10MM.
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 $11.8MM to be raised (11 of which are based on $500,000 each and 7 of whose are based on $900,000 each). 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 new TEA regulation and qualifies for the subscription amount of $900,000.
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：||$38.5MM|
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.