You have probably heard about it or seen the construction on your way to see the Staten Island Yankees play: the New York Wheel!
Here is comes: a massive ferris wheel, the largest observational wheel in the Western Hemisphere, with panoramic views of our great city, all in our borough of Staten Island. It will be the newest addition to the burgeoning base of attractions on the North Shore.
What will this mean for Staten Island? Well, when you think of London landmarks, one of the first that comes to mind is the London Eye on the South Bank of the River Thames. It is one of the most popular tourist destinations in the one of the most visited cities of Europe. So first and foremost, the New York Wheel means more tourism for Staten Island. And tourism means increased real estate value, for both Staten Island residential real estate and Staten Island commercial real estate.
Construction is slated to end in 2017. Already the North Shore specifically and Staten Island generally are benefiting. The project is creating 400 construction jobs and 700 full-time jobs in our borough, unblemished positive news for residents.
Former Mayor Michael Bloomberg has said, "The New York Wheel will be an attraction unlike any other in New York City - even unlike any other on the planet. It will offer unparalleled and breathtaking views, and is sure to become one of the premier attractions in New York City, and the latest exciting addition to our newly revitalized waterfront."
Admission: Yes, I'm enthusiastic about the New York Wheel as you can see, for its implications for the Staten Island real estate market. I'm a Staten Island real estate lawyer after all. However, riding the thing is another matter. I've always been the guy watching from the end of the exits at amusement parks; my stomach isn't built for this kind of thing. But I have a feeling that I'll let my girlfriend drag me onto the Wheel, as long as we can catch a Staten Island Yankees game afterwards.
And that's what makes the New York Wheel so exciting. It's no standalone project but part of the larger development of the North Shore in Staten Island. Soon, tourists from all over the world will be able to drop money stocking up at Abercrombie & Fitch at the Empire Outlet Mall (also coming soon), catch a ballgame at the state-of-the-art ballpark, the then hover 630 feet over New York City (my stomach is beginning to turn at the thought) and the Statue of Liberty. Depending on their mood and level of fear of heights, tourists might just ride the new New York Wheel and Instagram it with the hashtag #ILoveNY. If Staten Island real estate had an Instagram account, that's what it would say.
(To see what kind of view the New York Wheel will offer, click here.)
The Staten Island Yankees ballpark will soon have more company on the North Shore.
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This information, based on New York law, was provided courtesy of The Law Office of Christopher J. Arrigali, P.C. It is intended to inform, not to advise. No one should try to interpret or apply any law without the assistance of legal counsel.