The New York Wheel is a massive 630-foot tall ferris wheel under construction in the St. George neighborhood of Staten Island, next to the Ferry Building and the under-construction Empire Outlets. Several months ago, there was a dispute with the contractor which led to a firing, halt of all construction progress, and a lawsuit. Now a settlement between the parties has been reached, and investors behind the New York Wheel have 120 days to get back on track. Learn more in this video from the Staten Island Advance.
With the New York Wheel given 120 days to come up with financing to get the project back on track, the question investors have is: Do they have enough money to complete the project? Last week it was announced that the New York Wheel reached an agreement with the Holland-based Mammoet-Starneth -- the contractor who walked off the job and was subsequently fired last year -- during bankruptcy proceedings in Delaware Bankruptcy Court.
Something wrong with this post? Let us know!