In a market weathering unprecedented change, companies involved in high-stakes real estate deals need a steady, trusted hand to guide them. They also need counsel who can help them find new solutions for tough new challenges. The Paul, Weiss Real Estate Department offers clients the best of both worlds. Our long history of executing every kind of deal touching real property and our business and legal savvy help the most complex real estate projects succeed in fluctuating economic conditions.
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.POSTED ON September 27, 2012 » Learn More About This Practice