As reported in Crain's and other news sources, Mayor
Bloomberg announced that Paul, Weiss client New York Wheel LLC, a
consortium of private investors, will build the world's tallest
observation wheel in Staten Island, overlooking New York Harbor and
the New York skyline. The proposed wheel will be built on a
City-owned site adjacent to the Staten Island Ferry and the
Richmond County Bank Ballpark, and will rise 625 feet tall,
higher than the Singapore Flyer, currently the tallest observation
wheel in the world. Construction is expected to begin in early
2014. New York Wheel will invest approximately $250 million
to complete the project, which will create an anticipated 419
construction jobs and 426 permanent jobs. Together with plans to
construct a retail and hotel complex adjacent to the ballpark, the
projects are expected to make Staten Island a major tourist
destination.
The Paul, Weiss team advising New York Wheel LLC on the
transaction included real estate partner Meredith
Kane and counsel Barry Langman.
» Read the Crain's article