In a market experiencing unprecedented change, parties involved in high-stakes real estate deals need a steady, trusted hand to guide them. The Paul, Weiss Real Estate Practice leverages a history of executing every kind of real estate property transaction and unparalleled business and legal acumen to help the most complex projects succeed amid volatile economic conditions.
New York Wheel to Build World's Tallest Observation Wheel
- Client News
- September 27, 2012
Practices
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.