Crowdfunding a $500 Million Ferris Wheel, With a Wall Street Spin
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An artist rendering of the proposed New York Wheel on for Staten Island. Credit Perkins Eastman
Investing in stocks is at times compared to a thrill ride — a rocket ship taking off, or a roller coaster rushing down.
The comparison may be more apt than usual for a new investment — a 630-foot Ferris wheel under construction on Staten Island — that soon will be marketed via a Wall Street version of crowdfunding.
Project leaders of the New York Wheel, which has already raised around $450 million in equity and debt, plan to seek another $30 million through North Capital Private Securities, a Utah broker-dealer that intends to sell some of the new shares via its 99Funding online crowdfunding platform and other crowdfunding sites.
Crowdfunding on websites like Kickstarter has allowed people and organizations to raise money for various projects from supporters who don’t have any formal economic interest in the ventures…
Crowdfunding a $500 Million Ferris Wheel, With a Wall Street Spin
