The New York Wheel Stops Spinning

"The New York Wheel -- at one time envisioned to be a catalyst for the renaissance of Staten Island’s North Shore -- will never become a reality," reports Tracey Porpora.

Once touted as the future "world's largest Ferris Wheel," the project halted construction in May 2017 after years of planning and development.

The last development in the New York Wheel saga came in early September, when the project's developers "filed a motion for an order approving an amendment in Delaware Bankruptcy Court that -- among other things -- gave the developer a final standstill deadline of Jan. 7, 2019." The developers sought tax exempt bonds to move the project forward. Mayor Bill de Blasio rejected that idea last month, saying the project was no economically viable.