Due to the present credit crunch and slowdown of the Manhattan luxury real estate market, developers are finding it difficult to gain financing for their projects. Extell, the developer of One57 at 157 W 57th street, is working on what would be the tallest residential tower yet. At a cost of approximately $2 billion, Extell has already started construction on the lower floors but does not yet have the funds for the upper floors. So they are turning to the EB-5 visa program which allows a foreign national to invest $500,000 to $1million in exchange for a green card. This program is capped at 10,000 visas per year and is very popular with the Chinese. Many feel that the EB-5 program is being used contrary to it’s intent which was to spur construction and create jobs in poorer areas. The Central Park Tower will have a Nordstrom on the lower floors.