MoFo Advises New York Wheel on EB-5 Investment Financing of World’s Tallest Observation Wheel
Morrison & Foerster represented New York Wheel LLC in connection with the development of what will be the tallest observation wheel in the world, with an adjacent 98,000 square foot terminal and retail space and an on-site parking garage. Once constructed, the New York Wheel, located next to the St. George ferry terminal in Staten Island, New York, will be an approximately 625 feet or 60 story high observation ferris wheel with 36 glass capsules offering some of the most stunning views of New York City and the Statue of Liberty. Morrison & Foerster advised the developer in connection with EB-5 investment financing matters. EB-5 is an investment program created by Congress to benefit the U.S. economy by attracting investments from qualified foreign investors who can obtain permanent residency in the U.S. in return for investing in projects that create at least 10 jobs per investor.