Real Estate
www.qns.com I LIC COURIER I AUGUST 2017 15
BY ANGELA MATUA
AMATUA@QNS.COM
A nine-story residential building is
planned to rise on 12th Street in Astoria
and will include a whopping 711 units.
The site, located at 30-80 12th St.,
is being developed by Criterion Group,
which is based in the neighborhood.
The project will cost $315.6 million to
construct and the development com-pany
will utilize the EB-5 Immigrant
Investor Program to fund it, YIMBY
first reported.
The program was started in 1990
“to stimulate the U.S. economy through
job creation and capital investment by
foreign investors.” The program gives
EB-5 visas for people who invest in
“commercial enterprises” that include
regional centers. Greystone, a New York-based
commercial real estate lending,
investment and advisory company, will
act as the regional center.
Out of 711 units, 146 of them will
be affordable, and amenities will include
“exclusive clubs, rooftop gardens, indoor
basketball courts and recreational facili-ties,”
according to the project website. The
building will take up an entire city block.
Construction began this month and
will take approximately two years to
complete. HAAK Architects will handle
the design.
Coming Soon
Photos via Haak Architects
The program gives EB-5 visas for people who
invest in “commercial enterprises” that include
regional centers.
