The 625 foot (190 meter) high wheel is planned for the Big Apple's least developed borough, Staten Island, across the water from Manhattan's Financial District. It will be able to carry 1,440 people at a time.
Construction should finish in 2014, with rides starting the following year, Mayor Michael Bloomberg announced Thursday.
"The New York Wheel will be an attraction unlike any other in New York City -- even unlike any other on the planet. It will offer unparalleled and breathtaking views, and is sure to become one of the premier attractions in New York City," he said.
The current record holder is the Singapore Flyer at 541 feet (165 meters).
Even the High Roller, being built in Les Vegas, will lose out. It is planned for just 552 feet (168 meters).
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A gift to the American people from the Indian people. The wheel is financed by India.
Great news from New York. I have ridden the London Eye and that was terrific so when your big wheel is up and rolling, I wish it all the very best and if I am able, now 78, I do hope that I can make the trip to Staten Island to enjoy a ride and the spectacular view of the Island and the City. Go for it N.Y. !! Mervyn