CEO of EB-5 middleman key to Atlantic Yards contributed $50,000 to Gov. Hochul, who controls project's fate and will be asked for concessions.

I wrote yesterday (link) about the nearly $1.85 million in federal political political contributions made since 2021 by the CEO, Nicholas Mastroianni II, and the President, Nicholas Mastroianni III, of the U.S. Immigration Fund (USIF), the "regional center"--investor visa middleman--that's key to Atlantic Yards.

The USIF manages the two loans--originally $349 million, with $286 million remaining--that developer Greenland failed to pay off, and thus controls the process of getting a new joint venture partner to develop six sites (B5-B10) over the Vanderbilt Yard.

They're not the "lender," despite convenient shorthand used by state officials. But as manager, they control the loan, and thus the collateral--those six development sites--and are trying to recruit a "permitted developer," with experience in large-scale projects, for a joint venture. 

Related Companies, which built Hudson Yards, was said to be part of a joint venture, but then left. As I wrote last week, if the EB-5 "lender" didn't put up any money, what incentive does it have move forward?

Giving to Hochul

Though the Mastroiannis clearly favor Republicans for the Presidency and Congress, the Democratic Party dominates New York City and New York State,.

Sio the USIF principals they have spread the wealth, notably to Gov. Kathy Hochul, who controls Empire State Development (ESD), the state authority that oversees/shepherds Atlantic Yards.

ESD likely will be asked for concessions--as Greenland previously sought--that sweeten the deal for that pending joint venture, including a delay in (or suspension of) $2,000/month penalties for the 876 affordable housing units not delivered by May 2025, an extension of the 2035 project completion date, and additional square footage (free land!) for those railyard sites, making them more valuable.

New York constructions

Let's look at their New York political contributions. They include:

• $10,000 and $15,000 contributions, in 2017 and 2021, to Gov. Andrew Cuomo
• $50,000 in 2021 to Hochul (who took over in Aug. 2021)
• $5,000 and $5,000 in 2023 to the New York State Democratic Committee

The reporting is not always clear as to which Mastroianni gave. The $50,000 to Hochul is attributed to Nicholas Mastroianni II and the $15,000 to Cuomo is coded to the CEO's home address.

Others are attributed to "Nicholas Mastroianni," with the USIF's business address.

(Also note the 2017 contribution of $100, which was surely from the Huntington, NY-based family patriarch.)