Part real estate development and part iconic landmark, the New York Wheel was created to deliver emblematic structure to the skyline of New York City. Announced by Michael Bloomberg while he was Mayor, the New York Wheel closed on $476 million in financing this past spring. SeedInvest is participating in an additional $150 million equity round – a raise that has already seen $111 million invested to date.
The big “Wheel” will rise 630 feet in height, topping the London Eye which got some nice screen time in a James Bond film and helped to define the London Olympics. The structure will be the “biggest observation wheel in the world”. The entire project is more than an enormous Wheel, as creators see it as a tourist destination with complimentary shopping, dining and more as the waterfront real estate is redeveloped and reinvigorated. Once the project is completed, it could become a top justification to visit the city that doesn’t sleep at night.
The ride itself is expected to take 38 minutes. There will be 36 “pods” on the Wheel that hold up to 40 people per pod. This rounds up to approximately 1440 people per spin. The project is expected to open to the public in 2017.
Rich Marin, CEO of the project, was former Chairman and CEO Bear Sterns Asset Management as well as Chairman and CEO of Deutsche Asset Management. Speaking to Industry Magazine, Marin stated;
“Quite frankly, this is dramatically different than anything I’ve ever done. But I’m a sucker for new and interesting things, and this is about as new and interesting as anything I could imagine. This entire process thus far has been both challenging and rewarding, and throughout the life of the project I’ve had to use every one of the skills sets I’ve acquired.”
“It’s an historic addition to the skyline of New York City, more along the lines of the Washington Monument or the St. Louis Arch than a carnival Ferris wheel,” stated Marin. “It’s of a scale and importance to warrant being thought of in that sort of way, and I think that’s what gives me the most pride—the idea that we’re going to create something that will be here for many, many years to come is very fulfilling. I believe we’re building something that everyone in Staten Island, in New York City, and in America can look at with a great deal of pride.”
So is this more public pride than profitable investment? You will have to register on the SeedInvest site to read more and decide for yourself. But you can almost guarantee the Wheel will be a top New York City destination for many decades to come. Perhaps the Wheel will show up in a future Bond film too. Available only to accredited investors.
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