Staten Island, NY -- The Ferris wheel may be a steam-age invention, but it is back in vogue in New York, where a development group is making a $230 million bet that the old ride can be a powerful economic engine.
City officials announced Thursday that a new company called New York Wheel has been given approval to build the world's tallest Ferris wheel on the waterfront in Staten Island.
The people behind the project include some heavy hitters.
The primary financial backers include World Trade Center developer Lloyd Goldman, Jordache apparel co-founder Joseph Nakash and the Feil Organization, a real estate powerhouse.
New York Wheel CEO Richard Marin says the heft in the investment group shows it isn't just blindly following a trendy tourism gimmick.
The Ferris wheel will stand at 625 feet, which is half the size of the height of the Empire State Building.