It was created to serve patrons of the 1964 New York World's Fair by combining two earlier carousels, both of which were carved in Coney Island in the first decade of the twentieth century by renowned carver Marcus Illions.

The Feltman's Carousel had a restaurant and beer garden that occupied the site where the Luna Park currently sits, approximately between Jones Walk and West 10th Street.

The building housing the merry-go-round was prominently labeled, ‘Hotel Eleanor, Open All Year.’ The carousel itself was a proud addition to the Marcus-Illions stable.

It has another feature rare to many carousels, slots in the floor that allow the horses to tilt outwards as the machine picks up speed.

The carousel operated indoors until 1962 and outdoors through the 1963 season when it was packed up to make room for Astroland's 200-foot Astrotower.

On January 18, 1964 Albert, in the New York Times article “’Greatest’ Carousel is Stilled at Coney Island”, said he sold it due to, “Economics.

The carrousel took up too much space and didn’t make enough money.”[6] The American Cavalcade Corporation was formed in order to put a carousel at the 1964 New York World's Fair.

The original idea was to purchase the Feltman's carousel and re-open that machine, but it was in such bad shape it was quickly realized that it could not run again without a huge investment.

According to Edward Dunne, who was involved in the project, Robert Moses had always wanted the carousel to operate permanently at Flushing Meadows-Corona Park.

Three years after the fair ended the carousel was moved to its current home in the park, adjacent to the zoo.

The company made cosmetic repairs to the machine, repainting it, sanding and staining the historic wooden floor, and adding new fencing to the entire area.