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   SURF - Ocean Dreams Development at 3514 Surf Avenue
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Project Details 
 
Allcation:
 3514 Surf Avenue, New York
 
Stories:
 
Two 21-story towers, 425
Residential Units
Parking Spaces:  
 300
Residential Areas:
 20,645 square feet
Project total cost: US$ 268,848,899
EB-5 Loan: US$   50,000,000 
Required Jobs: 1000
 
PROJECT LOCATION & ADVANTAGE
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The Project will be located at 3514 Surf Avenue, Brooklyn, New York, directly adjacent to the famous Coney Island beach.
 
The Project consists of the development and operation of two 21-story towers, with approximately 425 residential units, 20,645 square feet of ground floor retail space, three-story parking garage (about 300 spaces) and a rooftop amenity deck. The Project will feature a full complement of services and amenities including a pool, rooftop terrace, children’s playroom, gym, spa, and lounge. Upon completion, the Property Owner intends to lease the apartments and retail space, and /or potentially sell a portion of the apartment units as condominium units.
Brooklyn is the most populous of the five boroughs in New York City. The borough is coterminous with Kings County, which is the most populous county in New York, and the second-most densely populated in the United States, after New York County (coterminous with the borough of Manhattan).
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PROJECT TEAM
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John A. Catsimatidis
Chairman and CEO, Red Apple Group
Developer
 
John A. Catsimatidis is ranked 248th on the Forbes 400 list of richest Americans and 581st on the Forbes list of world billionaires. John A. Catsimatidis is the sole owner, chairman, and CEO of the Red Apple Group, a conglomerate that owns and operates assets in the real estate, energy, finance, insurance and supermarket industries.  Red Apple has been in business for over 40 years, has over 8,000 employees and is one of the 150 largest private companies in America by revenue.
 
John’s real estate development company has designed, financed and constructed four mixed-use buildings in downtown Brooklyn, New York that contain a total of 1 million square feet with 1,000 residential apartments, 50,000 square feet of retail space and over 500 parking spaces.  The company has an additional 2 million square feet of projects in various stages of development.
 
In addition to his mixed-use development projects, John’s real estate operating company, Red Apple Real Estate, owns and manages over 1.5 million square feet of commercial real estate primarily in New York City, Pennsylvania, Ohio and Florida.  His career has included the development and renovation of considerable commercial, industrial and residential space.
 
Through its subsidiaries, Red Apple also operates a 70,000 barrel per day oil refinery, over 400 gas stations and convenience stores, is the largest supplier of home and business heating oil in New York City.  Red Apple also operates an investment division making acquisitions and investments in both private and public companies. 
 
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Regional Center - New York Immigration Fund
 
  • Founded in July, 2010
  • Having experience in NYC real estate including property acquisition, management, development and construction for over 35 years
  • So far, we have 14 successful EB-5 projects with 100% I-526 & I-829 approval history
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NYIF Excellent EB-5 Projects Snapshot
 
Project Legal Team
 
Ronald Klasko, the attorney of 235 Grand, who is one of the leading EB-5 attorneys and former National President of the American Immigration Layers Association (AILA).
 
The economic report and job creation analysis is written by Dr. Michael Evans, who is the leading EB-5 economist in America.
 
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CAPITAL STRUCTURE & INVESTMENT ADVANTAGES
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Regional Center
New York Immigration Fund
General Partner
New York Immigration Fund, LLC
EB-5 Company
NYIF SURF AVENUE, LLC
Borrower
Red Apple Surf Realty III Inter LLC
 
 
 
 
Introduction of the project                                                                                                                                                                       
The Project is located at 3514 Surf Avenue, Brooklyn, New York, directly adjacent to the famous Coney Island beach.
 
The Project consists of the development and operation of two 21-story towers, with approximately 425 residential units, 20,645 square feet of ground floor retail space, three-story parking garage (about 300 spaces) and a rooftop amenity deck. The Project will feature a full complement of services and amenities including a pool, rooftop terrace, children’s playroom, gym, spa, and lounge. Upon completion, the Property Owner intends to lease the apartments and retail space, and /or potentially sell a portion of the apartment units as condominium units.
 
Brooklyn is the most populous of the five boroughs in New York City. The borough is coterminous with Kings County, which is the most populous county in New York, and the second-most densely populated in the United States, after New York County (coterminous with the borough of Manhattan).
 
In the last decade, downtown Brooklyn has become a hub for high technology startup companies, earning the nickname, “Silicon Alley”. There is much culture within Brooklyn, such as the Brooklyn Academy of Music, the Brooklyn Philharmonic, and the Brooklyn Museum. There are also numerous attractions in the borough, such as the Brooklyn Botanic Garden, Coney Island, with its historic Cyclone rollercoaster, the Floyd Bennet Field, and more. Several sports teams also call the borough home, notably the Brooklyn Nets and the New York Islanders.
 
Developer
The project is developed by Red Apple Group. It is the umbrella organization for the real estate assets and energy, finance, insurance, and supermarket businesses owned by John A. Catsimatidis. Red Apple has been in business for over 40 years, and currently has over 8,000 employees. It is the 5th largest privately held company in New York and the 105th largest in the United States.
 
Red Apple Group’s real estate arm, Red Apple Real Estate (“RARE”) recently the completed construction of four mixed-use, primarily residential buildings in Downtown Brooklyn, New York, which collectively encompass almost 1,000 residential rental apartments, 50,000 square feet of retail space and three full service parking garages. RARE’s real estate development business strategy entails creating residential properties that feature luxury living options and amenities, with convenient, neighborhood retail elements.
 
Project Total Costs   
US$ 268,848,899
Borrower Equity
US$   88,848,899                                         <33%>
Senior Loan
US$ 130,000,000                                         <48.4%>
EB-5 Financing
US$   50,000,000                                         <18.6%>
EB-5 Investment per Unit US$ 500,000                         
Collectively known as Subscription Proceeds
(US$ 550,000)
Issue Fee US$ 50,000
Investment Return
0.25% per annum
Term of EB-5 Loan
5 years (with one-year-extension)
Number of Investors 100
Job Requirements
1000
Job Creation
1,754.5 <175% buffer>
Release of Escrowed Funds to the Limited Partnership
  • the Regional Center application has been approved by the USCIS and remains in good standing;
  • the funds will be released upon submission of I-526 and receipt of I-797C Notice of Action
In case of I-526 Petition Denial
  • Full refund of US$500,000 contributed by such Limited Partner;
  • Issue fee of US$50,000 will be fully refunded (except the I-526 Petition Denial is due to personal reason or withdrawal of the applicant).
Source of Fund for
EB-5 Repayment
 Sale of condominium units or refinancing. 
Note: This document is for reference only, all terms are subject to written contract.