LCP’s Flagship EB-5 Project Beats Goldman Sachs Tower as Tallest Building in New Jersey

eb-5 project

At 900 feet tall, the new 99 Hudson building located near the waterfront in Jersey City has replaced the Goldman Sachs Tower as the tallest skyscraper in New Jersey. The 79-story luxury high-rise condominium features a combination of avant-garde architectural design and glass and has 7,500 square feet of new pedestrian plazas, open green spaces, and a wealth of retail and recreational opportunities. It is fitting that this skyscraper, with its unrivaled views of the Manhattan skyline, World Trade Center, New York Harbor, and Statue of Liberty, was funded by foreign investors via the EB-5 program. The EB-5 Immigrant Investor Program raises capital from foreign investors to finance job-creating real estate projects in developing neighborhoods across the United States. Each foreign investor has the opportunity to obtain a green card by investing in an EB-5 project that creates at least 10 jobs per investor for U.S. workers.

Construction of the 99 Hudson building started in January 2016 thanks to project sponsor China Overseas America, which is owned by China Overseas Holdings Limited. The LCP Group, L.P. (LCP), a 45-year-old real estate investment management firm in New York, was the EB-5 Regional Center that raised the EB-5 capital to help fund the project.

In addition to contributing to the Jersey City skyline, this EB-5 project is expected to create a little more than 8,800 jobs for U.S. workers. And LCP’s investors are well on their way to permanent U.S. residency via their EB-5 conditional green cards.

“We are thrilled to have partnered with China Overseas America and to have played a major role in the development of 99 Hudson by providing the EB-5 capital to fund the project,” said Francis Lively, CEO and President of LCP. “The building is spectacular and has been a successful investment opportunity for our foreign investors who are now living their American dream.”

To date, LCP has capitalized more than $500 million in debt and equity transactions into real estate projects, with an aggregate value of more than $5 billion. LCP has structured more than 15 EB-5 projects that have employed more than 38,000 U.S. workers and helped more than 1,000 foreign investors from 25 countries on their path to permanent U.S. residency.

Upon completion of the project at year-end 2019 or early 2020, 99 Hudson will feature spacious open floor plans with floor-to-ceiling windows, oak flooring, refined finishes, and sustainable design. Each residence will have a custom gourmet kitchen featuring premium appliances and quartz countertops, and the spa-like bathrooms will feature modern design and luxurious appointments.

99 hudson eb-5 projectFirst-class resort-like amenities are designed to elevate everyday living for its tenants, including a 24-hour attended lobby, fitness center with yoga and Pilates studio, lounge, game room with two card rooms, golf simulators, screening room, children’s playroom, business center and work café, and demonstration kitchen. The spa will have a hot tub, wet and dry lounges, steam room, dry sauna, showers, treatment rooms, terrace, and locker rooms. The property’s outdoor amenities will include a pool, cabanas, dining areas, lounge with fire pits, barbeque area, children’s playground, dog run, and green lawn. And for those who drive, let’s not forget the unique private porte-cochere complete with waterfall wall.

The building is located steps away from the PATH station and NY Waterway Ferry Terminal, providing easy access to Manhattan and the surrounding boroughs. And the Exchange Place Light Rail station is across the street, providing access up and down the New Jersey Gold Coast – the stretch of land along the Hudson River waterfront from the Bayonne Bridge to the George Washington Bridge.

It seems that no detail has been spared in the development of this luxurious and well-appointed building. Perhaps the tenants of 99 Hudson will be living their American dream along with its investors.