NYC tower builder Moinian seeks up to US$500m in EB-5 funds

New York

DEVELOPER Joseph Moinian aims to raise as much as US$500 million of EB-5 funds - contributions from foreign nationals in exchange for legal US residency - to help him build a US$2 billion skyscraper on Manhattan's far west side.

At a groundbreaking ceremony last Friday for the office project, 3 Hudson Boulevard, Mr Moinian said he's in the midst of the paperwork involved in lining up EB-5 investors, who may come from China or India.