[VIDEO] Here's How The New York Wheel Project on Staten Island Already Spent $400 Million

The New York Wheel mega-project on Staten Island has hit some roadbumps and hurdles over the past year, with recent rumors circulating about its funding failures and dismantling. In this video from the Staten Island Advance, an anonymous source dishes out how exactly the project has already spent over $400 million thus far.

A source with ties to the NY Wheel has revealed how the initial $400 million allotted for the project was spent, with $250 million alone spent on a garage and a terminal building that would offer an immersive pre-ride experience before boarding the 630-foot observation wheel. Last year, the NY Wheel told the Advance that $400 million of the $580 million secured for the project through private investors was already spent by the time it was indefinitely delayed in the spring. But the NY Wheel never specified exactly how that money was spent. The Advance's source, who spoke in the condition of anonymity, recently outlined the breakdown of the $400 million.

Matt Coneybeare

Matt Coneybeare

Editor in Chief

Matt enjoys exploring the City's food scene with his Wife and the outdoors with their dog. He is an avid marathon runner, and spends most of his time eating, running, and working on cool stuff.

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