The New York Wheel
Bringing the world’s largest observation wheel to New York.
-CEO is former Chairman/CEO of Bear Stearns AM & Deutsche AM.
-Equity Sponsors: Jeffrey Feil, Lloyd Goldman, Joseph Nakash.
-Project plan also includes shopping, entertainment, etc.
-Unique views of NY Harbor, Manhattan, etc.
On September 27th, 2012, New York City Mayor Michael Bloomberg announced a development that will change New York Harbor, and on October 30th, 2013, the New York City Council approved and ratified the project. On May 21, 2015 The New York Wheel closed on $476 million of financing, initiating the construction and opening of the project in mid-2017. Towering 630 feet from its perch on the shores of New York Harbor, The New York Wheel will be the biggest observation wheel in the world. It will stand taller than the London Eye, which played a starring role in the last Olympic Games – defining a London that embraces the future and welcomes the world.
Although at its core the Wheel is an observation platform, the project itself encompasses much more. In addition to spectacular views, the Wheel will have destination partnerships with Empire Outlets (NYC’s only outlet center) and the wealth of other attractions in the area like Snug Harbor, the Staten Island Yankees, and the St. George Theater. Approximately 90% of tourists travel to New York to shop and 84% to sightsee. The quarter mile commercialized waterfront section of the city will offer visitors activities in a scale that is unique to the city. Tourists currently pay $40 to take a 1.5-hour bus ride to Woodbury Commons for an outlet shopping experience and yet the outlet attracts over 13m visitors a year. Empire Outlets will only be a 22-minute free ferry ride from downtown Manhattan. Along with sightseeing and shopping activities, The New York Wheel location will offer various levels of dining opportunities from cafe to fine dining. Once the project is completed, St. George could be one of the top reasons people visit NYC: sightseeing, shopping, fine dining, sports, theater and culture.
Extensive market testing and research were conducted to support assumptions and to identify the optimal location for The New York Wheel
D&J International Consulting was hired in February 2014 to evaluate the business plan and received feedback that the Company’s attendance level assumptions are “achievable”
Observation attractions can generate strong levels of visitation and are particularly popular with tourists; many large cities are able to accommodate more than one observation attraction and large numbers of tourists visit more than one such attraction during a stay