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September 13, 2015 - The New York Wheel Project is Changing But the Bottom Line Remains the Same


You may have noticed on your way through Staten Island’s North Shore: construction of the New York Wheel has begun.

The wheel will cost $500 million (although if you had to bet the Under/Over on the final cost, which way would you go?)

The wheel will be 630 feet tall and is scheduled to open for visitors in 2017 (although if you had to bet the Under/Over on opening date, which way would you go?)

Whenever the wheel does open, at whatever cost, it will be immense.  A total of 1,400 passengers at a time will be able to ride the wheel, taking in large swatches of New York City and New Jersey.  Each ride will take a slow 38 minutes, wow.


Photo of NY Wheel Construction on Staten Island Real Estate News page by Staten Island lawyer, Staten Island attorney


What’s Changed?

The project is back in the public review process due to proposed changes to the plan approved by New York City in 2013.  The changes include a reduction in the size of the terminal building for the Wheel, alterations to the parking garage, elimination of a reflection pond, and additional sustainable energy infrastructure.  You can see an entire list here.

The most recent step in the process was a public hearing held on September 9.  Opposition to the changes appear to be a mere formality at this point.

What's Unchanged

Whether you think the proposed changes are cosmetic or more substantial, as a Staten Island real estate lawyer, I look at the positives and see them unchanged for our borough.  Here is what I see:

(Check out one of my previous posts about the New York Wheel here.)

As a Staten Island real estate attorney, the last point is most important to my profession.  A great case can be made for both buying a home in Staten Island and selling a home in Staten Island in the current environment; real estate prices have risen nicely but also show every indication of continuing in that direction.

Contact me today if you'd like to speak with a Staten Island real estate attorney about this project and what it might mean for you.

References


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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.




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