Developers behind Staten Island’s ambitious New York Wheel have officially pulled the plug on the project, ending months of speculation about its future. Staten Island Advance broke the news of the development, which is a startling turn of events for a project that was once touted to usher a renaissance for the North Shore section of Staten Island.
For over a year now, the observation wheel project has been beset by infighting, construction woes, and more recently, legal troubles. The developer, New York Wheel LLC, was battling its former contractor Mammoet-Starneth on ownership of some of the Wheel’s parts, and last month a court granted the developers an extension to hire a new contractor and show that it had enough funds to procure those parts.
However, two of the lead investors in the development—Lloyd Goldman and Jeffrey Feil—later expressed skepticism about the project moving forward without significant city funding. Both mayor de Blasio and the city’s Economic Development Corporation had previously stated that project didn’t seem like a sound investment for city funds.