TIMSON Immigration
Tishman Sypeyer “Spiral” New York Office Tower
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Project Details 
 
Allocation:
Northwest corner of 34th Street and Tenth
Avenue in midtown Manhattan, New York
Height: A sixty-five (65) floor mixed-use tower
Regional Center:
CanAm’s New York Metropolitan Regional
Center
Developer: Tishman Speyer
Designer: Bjarke Ingels Group
Project total investment: US$   3,640,000,000 
EB-5 Loan:
US$   250,000,000 
(7% of the total budget)
Number of investor: 500
Job creation: 12,727
 
PROJECT LOCATION & ADVANTAGE
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Tishman Speyer will develop a sixty-five (65) floor mixed-use tower, to be known as “The Spiral”, that will feature:
  • Approximately 2.80 million RSF (260,128m2) of Class A office space
  • 25,000 RSF (2,322m2) of retail space
 
The Spiral will be developed on an approximately 67,450 SF (6,266m2) block – front parcel at the northwest corner of 34th Street and Tenth Avenue in midtown Manhattan, New York. The Spiral will offer office tenants large, open floor plans with views of midtown and downtown Manhattan and the Hudson River on one of the prime development sites in the emerging midtown sub-market of New York City.
 
The Spiral Project site is in a prime location in the center of the west side zoning district that is eligible for the highest density. As a result, the Project site is a candidate for a valuable real estate tax incentive aimed at encouraging new development in the area.
 
 
Surrounding Environment
Benefiting from the continuous development of emerging communities, greening of public spaces and parks, abundant retail stores and dining options, and new cultural attractions, the Triumph Centre has fully demonstrated the trend of connecting work spaces.
 
Midtown Manhattan has numerous public transportation hubs that connect Manhattan to the nearby Tri-State area quickly and easily. The main stations such as Central Station, Penn Station, and Port Authority Bus Terminal are all in the Midtown area, connecting 16 metro lines across New York City, numerous train and bus lines, and 24-hour PATH rail transits to and from New Jersey and New York. system. The New York Water Taxi and Ferries also provide convenient navigation between Midtown Manhattan, Brooklyn, Staten Island and New Jersey. In addition, Midtown Manhattan is close to the three major airports – Kennedy Airport, LaGuardia Airport, and Newark International Airport.
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PROJECT TEAM
Developers:
 
TISHMAN SPEYER— a 100-year-old company, was founded in 1898 and manages assets worth US$86 billion. As one of the world’s largest real estate developers and operators, Tishman Speyer’s signature properties include New York City’s Chrysler Building and Rockefeller Center, Chicago’s Franklin Center, Berlin’s Sony Center, Frankfurt’s OpernTurm, London’s Cityoint, Paris’ Lumiere, Sao Paulo’s Torre Norte, Rio de Janeiro’s Ventura Towers and Hyderabad’s Wave Rock, and several properties in China and India.
Designer:
 
BJARKE INGELS GROUP(BIG), the top design team in the world; BIG has received numerous awards and honors, including the Danish Crown Prince’s Culture Prize, the Golden Lion at the Venice Biennale and the ULI Award for Excellence. They are currently involved in a large number of projects throughout Europe, North America, Asia and the Middle East.
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PROJECT HIGHLIGHT
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CAPITAL STRUCTURE & INVESTMENT ADVANTAGES
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Regional Center
New York Metropolitan Regional Center
General Partner
CanAm NY GP VI, LLC
EB-5 Company
CanAm New York Regional Center, L.P. VI
Borrower
509 W 34 Principal, L.L.C.
I-924 approval Approved on February 13, 2017
                                                                          Developer                                                                                 
Established in 1978, Tishman Speyer is a real estate owner, developer and operator managing a portfolio of assets in major metropolitan areas across the United States, Europe, Latin America and Asia. Tishman Speyer has acquired, repositioned, developed and /or operated over 394 projects totaling approximately 172.8 million SF of office, retail and residential space and $86 billion in value. Some of Tishman Speyer’s signature properties include New York City’s Chrysler Building and Rockefeller Center, Chicago’s Franklin Center, Berlin’s Sony Center, Frankfurt’s OpernTurm, London’s Cityoint, Paris’ Lumiere, Sao Paulo’s Torre Norte, Rio de Janeiro’s Ventura Towers and Hyderabad’s Wave Rock, and several properties in China and India.
Project Descriptions
Tishman Speyer will develop a sixty-five (65) floor mixed-use tower, to be known as “The Spiral”, that will feature:
  • Approximately 2.80 million RSF (260,128m2) of Class A office space
  • 25,000 RSF (2,322m2) of retail space
 
The Spiral will be developed on an approximately 67,450 SF (6,266m2) block – front parcel at the northwest corner of 34th Street and Tenth Avenue in midtown Manhattan, New York. The Spiral will offer office tenants large, open floor plans with views of midtown and downtown Manhattan and the Hudson River on one of the prime development sites in the emerging midtown sub-market of New York City.
 
The Spiral Project site is in a prime location in the center of the west side zoning district that is eligible for the highest density. As a result, the Project site is a candidate for a valuable real estate tax incentive aimed at encouraging new development in the area.
  • The project site is adjacent to the recently completed subway station that extends the No.7 subway line to 34th Street and 11th Avenue.
  • The project site is within walking distance of Penn Station and the Port Authority Bus Terminal, providing enhanced urban-connectivity by providing transfers to all 16 subway lines.
  • The project site also benefits from full frontage along 10th Avenue and the planned “Hudson Park & Boulevard”, a 4-acre sustainable Public Park and pedestrian plaza.
Project total costs   
US$ 3,640,613,097
Borrower Equity
US$ 1,820,306,549                                                   <50%>
Construction Loan
US$ 1,570,306,548                                                   <43%>
EB-5 Loan
US$  250,000,000                                                      <7%>
EB-5 investment per unit US$ 500,000                         
Collectively known as Subscription Proceeds
(US$ 555,000)
Issue Fee US$ 55,000
Investment return
0.25% per annum
Term of EB-5 Loan
5 years (with the option for 2 one year extensions)
Number of investors 500
Job requirements
5,000
Job creation
12,727 <150% buffer>
Advantage eThe loan principal is backed by a first priority pledge of 100% of the project’s equity.
Release of Escrowed Funds to the Limited Partnership
  • 90% of the funds will be released upon submission of I-526 and receipt of I-797;
  • 10% of the funds will be released upon approval of I-526 petition.
In case of I-526 Petition Denial
  • Full refund of US$500,000 contributed by such Limited Partner;
  • Issue fee of US$55,000 will be fully refunded (except the I-526 Petition Denial is due to personal reason or withdrawal of the applicant).
  • If the project fails and doesn’t create sufficient number of jobs before I-829 petition is filled, then investors may not be eligible to receive unconditional permanent residency.
Source of Fund for loan Repayment Stable income for Lease
Note: This document is for reference only, all terms are subject to written contract.