Some people think the New York skyline is missing something London has—a gigantic Ferris wheel—and they’re doing something about it. Dubbed the “New York Wheel,” the project is already underway in Staten Island and will be 630-feet tall, 187 feet taller than London’s.
The New York Wheel, led by the former investment banker and chief executive Rich Marin, has raised $450 million so far, but needs around $30 million more, a number that it’s looking to achieve through equity crowdfunding. Equity crowdfunding, unlike a simple Kickstarter that gives you a service, turns donors into investors with actual ownership, something that has only recently been possible thanks to loosening of investing regulations by the JOBS act, which allowed non-accredited investors to get in on startup action. The group tasked with crowdfunding the rest of the project’s budget, North Capital Private Securities, is chiefly using the site 99Funding to sell shares, as well as through traditional brokers.
