38th Ave & Thomson

AG13 Funding LLC was set up to raise EB-5 funds for two real estate development projects located in Long Island City: 38th Ave & Thomson.

Each investor will contribute $800k in capital as both projects qualify for the new TEA definitions.

A 7 stories mixed-use building consisting of 7706 sqft commercial space on the 1st and 2nd floor, 27 parking spaces, and 50 condos throughout the building. Its gross area is 74,042 sqft. The project is looking to raise $11.5M EB-5 funds in the form of Mezzanine Loan.

A 9 stories mixed-use building consisting of 6778 sqft retail space on cellar through the 2nd floor, along with 34 rental units from the 3rd to 9th floor. The gross floor area is 35,033 sqft. The project is looking to raise $4.5M EB-5 funds in the form of Mezzanine Loan.

Both projects are located in Long Island City (LIC). LIC is New York's fastest growing neighborhood. Its recent growth has opened door to a vibrant mix of things to see and do. The area has one of the most highly accessible transportation hubs, including 8 different subway lines. It is also rich in cultural diversity and home to a large community of artists. LIC is packed with museums, theaters and art spaces, including the infamous MoMA PS1 - one of the largest contemporary art institutions in the country.

Rents in this area are competitive but not off-the-chart high like Manhattan, while geographically still managed to be close to the city. This makes LIC the ideal place for young professionals to live in and the highly profitable investment option for real estate investors.

ZD JASPER REALTY brings expertise in the full ground-up real estate lifecycle of acquisition, development, management and sale. They have had 20+ years of experience in development, construction, with a growing portfolio of mixed-use, residential and commercial projects. As of 2022, they have built 800+ residential units with an approximate total of over 1 million sqft.

iX Development is a cutting-edge construction development company headquartered in New York City, with years of experience and numerous successful projects in the New York metropolitan area, especially familiar with the real estate market of Long Island City. As of 2022, they have built approximate total of over 1 million sqft.Total development size: 240,000+ Sqft

Both projects qualify for TEA despite the stricter regulations in the EB-5 Reform Bill that was passed on March 15th, 2022. Being qualified for TEA also means that the minimum investment amount per investor is lower. Per the new regulations, TEA projects are placed at $800k per investor, while non-TEA projects are placed at $1.05M.

38th Ave: EB-5 funds will be paid back through the revenue of condo sales. All 50 units are expected to be sold out in 2027 at $1,300 USD per sqft.

Thomson: EB-5 funds will be paid back through refinancing.