The plans to build the largest Ferris wheel in the world in New York have burst. "After years of planning, the developers of the New York Wheel announce with great disappointment that the dream of building a world-class attraction in Staten Island will not be fulfilled," news agency dpa said in a Tuesday statement (local time).

The Ferris wheel should be the highest in the world at around 190 meters. It was originally supposed to be set in New York's Staten Island in 2015 - with panoramic views of the harbor, the Statue of Liberty and the Manhattan skyline.

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A concrete reason for the abandonment of the plans, the developers initially did not. Recently, however, the cost of the project had continued to increase, the construction had been delayed and was finally stopped by court cases between different investors.

With the construction project, the developers wanted to upgrade the suburban and quietest of the five New York neighborhoods. To date, many tourists take the free ferry to Staten Island to enjoy the view of the bay, Statue of Liberty and skyline of the metropolis, but then usually drive back to Manhattan.

The "New York Wheel" should attract three million visitors annually to linger on the north shore. A shopping center next to the Riesenrad construction site is still open this year.