This story about the New York Wheel project, which was “indefinitely delayed,” originally ran in January 2016.
In September 2014, Rich Marin stood on stage at TEDx St. George and invoked Cornelius Vanderbilt. He spoke of a passion project worthy of the Commodore’s native borough: transforming Staten Island’s sleepy waterfront into “the gateway to America” by building a giant wheel, the world’s largest.
“It’s been said that Staten Island never misses an opportunity to miss an opportunity,” he quipped. “But I like to think that they’ve been smart to wait for just the right opportunity.”
Marin, a tall, beefy man with a professorial air, knew a bit about high-stakes deals. He helped create the derivatives market at Bankers Trust, ran the asset management division at Bear Stearns, and later rescued Lev Leviev’s Africa Israel USA after a disastrous boom-time acquisition spree. The project he spoke of that day in St. George, the New York Wheel, was meant to be his “legacy to the world.”
But this legacy appears at risk. The wheel is now estimated to cost north of $500 million, more than twice the original figure. Critics say its revenue projections are wildly optimistic. And vicious infighting has ripped apart the fabric of the development team. All the while, the public officials and government agencies that threw support behind the project for the past three years have suddenly gone quiet.
“No one is really sure how it got to this point,” said one person with knowledge of the situation.