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New York Wheel parts will head to bankruptcy auction

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A sad ending for the troubled development project

The saga of the doomed New York Wheel is coming to a sad end. After developers pulled the plug on the proposed 630-foot ferris wheel in October, its part will now head to bankruptcy auction, reports SI Live.

In an attempt to recuperate some of the $450 million that’s already been spent on the waterfront development in Staten Island, an auction will be held on January, 16 in Wilmington, Delaware. Per the New York Post, among the items that are up for sale are the wheel’s Italian-crafted legs, 36 capsules. drive towers, frame braces, and cable spokes. The wheel’s 9,147 tons of steel could be sold for scrap metal.

The once-ambitious project was derailed largely in part by fighting between developers and the design team. Additionally, developer New York Wheel LLC had been battling its former contractor Mammoet-Starneth on ownership of some of the Wheel’s parts. A court will determine whether Mammoet-Starneth or the New York Wheel will receive proceeds from the auction.

New York Wheel

, Staten Island, NY 10301