A UK-based company with a US$3m (£2.3m) stake in the New York Wheel (NYW) has issued an update on a dispute with the project contractor.


Challenger Acquisitions said that a court hearing on the project is scheduled to be held today in New York. It had previously announced that there is a contractual dispute with the original wheel erector, which led to New York Wheel teminating the contract. At the court hearing, New York Wheel and the former wheel contractor will discuss the transition matters related to the work done by the various subcontractors for project.

Advanced negotiations are now under way with American Bridge Company to take on the work. Challenger said that it remains confident that full construction of the NYW project will recommence in the near-term.

Although there have been delays in the construction of the 630ft observation wheel, Challenger said that significant progress has been made on the terminal and retail building alongside, as well as the car park and event space.

Work on the major components of the wheel such as the rim, cables, spindle, drive towers, capsules and control cabinets is also still in progress.


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