It was canceled by investors in September 2018 after New York City mayor Bill de Blasio refused to endorse selling city bonds to finance what he called a risky speculative project that was supposed to be entirely privately funded.

Proposals to build a smaller New York Wheel were being discussed in May 2019, but these were officially cancelled in February 2023.

[6] In October 2008, developer Meir Laufer rode the London Eye and met with its lead engineer.

[2] By August 2016, the Ferris wheel was estimated to open in early 2018,[15][16][17] and by March, the proposed completion date was late 2019.

[18] In January 2016, The Real Deal, citing mounting lawsuits by infighting members, ran an article skeptical about the project: "Is the New York Wheel spinning out of control?

[22] The following month, New York Wheel LLC announced that it planned to engage American Bridge Company as the new contractor.

Per a ruling in Delaware bankruptcy court, the developers had 120 days, or until September 5, to find funding.

[29][28] An amendment to the bankruptcy court's ruling gave the developers a final 120-day extension to look for funding.

As such, the city would not support tax free status for a $380 million bond sale to complete the project.

According to the lease agreement, the developers were to pay the city annually $1 million in rent, plus interest.