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Rendering of 6208 Eighth Avenue (Raymond Chan Architects)
An EB-5 investor is suing the developers of a long-delayed mixed-use project in Brooklyn’s Sunset Park, claiming the massive complex may never win city approval and the site is now for sale.
Jinyuan Li wants the $550,000 back that he invested in the planned construction of Eighth Avenue Center, touted as a 1.3 million-square-foot megadevelopment.
Li, a Chinese citizen who lives there, was told he was among 70 EB-5 investors who contributed a total of $35 million toward the project, according to the suit. The money would help fund the complex, whose plans called for a three-story mall, along with a pair of 15-story residential towers with 350 apartments, a 17-story office tower and a 150-room hotel. The site covers Eighth Avenue, between 61st and 64th streets.