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Real Estate

New York Wheel to Build
World's Tallest Observation Wheel

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

Posted on Sep 27, 2012 
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