New York is set to officially break ground this week on a Ferris wheel that could become the tallest in the world once it is completed in early 2017 . But any reign for the New York Wheel would be brief , as Dubai started construction a few days ago on a Ferris wheel that will be just 60ft higher . The humongous attraction on Staten Island promises stunning panoramic views of the Manhattan skyline , in addition to other New York City boroughs and the neighbouring state of New Jersey . Planners for the New York Wheel said it will offer stunning panoramic views of the Manhattan skyline and other New York boroughs . Set near the St George Ferry terminal the giant observation wheel will cost an estimated $ 25 to $ 30 for a 38-minute ride . Located next to the Hudson River the 630ft New York Wheel will be able to carry as many as 1,400 passengers at a time , with one full cycle taking about 38 minutes to complete . It will include mobile bar cars , a 20-seat restaurant , a 4-D ride on the ground and an LED light show every night , in addition to alternative energy sources . A shopping mall and 200-room hotel are to be built next door . Ticket prices will range from an estimated $ 25 to $ 30 ( £17 to £20 ) as New York Wheel LLC , the company behind the ambitious project , hopes it will join the Statue of Liberty , Empire State Building and Times Square as one of New York ’ s must-visit attractions . Located on the bank of the Hudson River the New York Wheel will be able to carry as many as 1,400 passengers at a time . The $ 500million ( £340million ) observation wheel was designed by Perkins Eastman and EEK Architects , and is being built by Starneth BV , the Dutch company which erected the London Eye and is overseeing the Dubai Eye . Wil Armstrong , president of Starneth LLC , told Mashable that the Dubai Eye is ahead , but ‘ anything could happen to delay it ’ and give New York Wheel the lead . Dubai ’ s observation wheel will stand 690ft tall when it is complete , making it the world ’ s biggest . At 550ft , the current record holder is the High Roller in Las Vegas , followed by the Singapore Flyer ( 541ft ) , China ’ s Star of Nanchang ( 525ft ) , and the London Eye ( 443ft ) . The $ 500million observation wheel is being built by Starneth BV , the Dutch company which erected the London Eye . Planners hope the New York Wheel will join the Statue of Liberty and Empire State Building as a top attraction in New York City . The original Ferris wheel , built in Chicago , was 264ft tall . New York ’ s giant Ferris wheel will be located near the St George Ferry Terminal , which welcomes an estimated two million tourists every year . Planners for the New York Wheel believe it will attract more than three million riders every year , and claim it will create about 350 construction and 600 permanent jobs in ticket sales , maintenance and other positions . The company said it is currently in talks with the New York Police Department and a private security firm to prepare a security plan for the tourist attraction .
Official ground-breaking for the 630-ft the Dubai Eye will take place this week on Staten Island . Construction started last week on New York Wheel , which will be just 60ft higher . the Dubai Eye will have mobile bar cars , a 20-seat restaurant and a 4-D ride on the ground .